January 26, 2013
International financial leaders have wrapped up the World Economic Forum meeting in Switzerland with warnings that much remains to be done to stabilize the global economy
International Monetary Fund chief Christine Lagarde, speaking Saturday in Davos, said the IMF outlook for a "fragile and timid" recovery depends on leaders in the top economies of Europe, the United States and Japan making "the right decisions."
She warned against complacency among the 17 European nations using the euro, while noting that two major European economies, Italy and Spain, have survived the worst of the European crisis.
"And clearly, two major players have recovered significantly in terms of access to financial markets and financing -- Italy and Spain -- one of which, the former, [Italy] will be facing a political election come February. So it is not a stable landscape and walk in the park for the year 2013, but it's a lot better than what they have had in 2012."
Lagarde also voiced interest in dramatic policy moves by Japan this week to stimulate its stalled economy by doubling its inflation target to two percent -- a move similar to that undertaken in recent years by the U.S. central bank -- the Federal Reserve.
"We are very interested by those [Japanese] policies. We certainly would like them to be complemented -- just as in the United States -- with a mid-term plan that includes how the debt will be reduced going forward."
Japan has so far brushed aside criticism that aggressive Bank of Japan policy changes could trigger competitive currency devaluations.
Saturday, Japan's Minister of Economic and Fiscal Policy, Akira Amari, defended the inflation goals and denied the existence of a deliberate policy to drive down the value of the yen. He said the focus of the new policies is on ending deflation and said it is up to markets to decide currency exchange rates.
summit (n) 高峰會
wrap up (v phr) 完成，結束
fragile (a) 易碎的；脆的；易損壞的
各國經濟首長日前結束 (have wrapped up) 在瑞士達弗斯 (Davos, Switzerland) 的世界經濟論壇 (World Economic Forum)，會後提出警告，穩定全球經濟 (stabilize the global economy) 還有許多必須要做的事。國際貨幣基金 (International Monetary Fund) 總裁克莉絲蒂娜‧拉加德 (Christine Lagarde) 說，歐洲的前景(outlook) 是「脆弱且羸弱的復甦」(a “fragile and timid” recovery)，還需仰賴歐洲各大經濟體，美國與日本的領袖們做出正確的決定。
complacency (n) 滿足；自滿
in terms of (phr) 就...而論；在...方面
stall (v) 拖延，推遲
inflation (n) 通貨膨脹
complement (v) 補足；與...相配
克莉絲蒂娜‧拉加德警告使用歐元的十七個歐洲國家，不能對於現狀自滿 (complacency)，但她也指出，歐洲的兩大經濟體，義大利與西班牙，已經捱過最嚴重的歐洲危機 (the worst of the European crisis)，這兩國就重回金融市場與財源上來說 (in terms of access to financial markets and financing)，有大幅復甦的跡象。克莉絲蒂娜‧拉加德也關切日本在刺激停滯的經濟景氣 (stalled economy) 所採取的政策對策 (political moves) ，她認為日本這些政策都應有配套 (complemented)，其中包含減少負債的中期計劃 (a mid-term plan)。
brush aside (v) 漠視
devaluation (n) 貶值
deflation (n) 通貨緊縮
exchange rate (n) 匯率
也有rate of exchange的寫法
日本央銀積極性的 (aggressive) 政策可能會引發 (trigger) 競爭性的貨幣貶值 (competitive currency devalutions) ，但目前日本無視這樣的批評 (has so far brushed aside criticism that . . .)。日本的經濟與財務部長 (Minister of Economic and Fiscal Policy) 表示，這波政策的焦點是在於終止通貨緊縮 (deflation)，使日幣貶值並不是刻意執行的政策 (a deliberate policy)，貨幣匯率 (currency exchange rates) 是由市場所決定的。
很多時候句子裡的分詞是形容詞子句與副詞子句簡化而來的。如果對於分詞構句概念不清楚的話，很容易造成閱讀的理解障礙。新聞中有一句： ”She warned against complacency among the 17 European nations using the euro, while noting that two major European economies, Italy and Spain, have survived the worst of the European crisis.” 本句中的 "using" 和 "noting" 就是子句簡化後的現在分詞。
原句可改寫成：“She warned against complacency among the 17 European nations that use the euro, while she noted that two major European economies, Italy and Spain, have survived the worst of the European crisis.“
“that use the euro” 是形容詞子句，用以修飾前面的名詞 “17 European nations”。”while” 是連接詞，引導副詞子句，表示「同時」，或是「另一方面，對照之下」的意味，在本句連接了同一主詞 ”she” 的兩個句子， ”she warned . . . ” 和 “she noted . . . ”。新聞中的寫法是把形容詞子句和副詞子句都簡化成了分詞。如果原新聞的寫法讀不懂，但讀得懂改寫後的句子的話，那就表示你對於分詞與子句簡化的概念還不清楚。
Check your vocabulary!
Fill in the blanks with a word or phrase from the list above. Make necessary changes. After you finish, select the text below to reveal the hidden answers.
1. While his career has stalled, hers has taken off.
2. If they accept our price we can wrap up the deal right away.
3. The bank can supply you with foreign currency.
4. Relations between the two countries are in a fragile state.
5. The President will meet other Pacific Rim leaders at next week's economic summit.
6. He simply brushed all my objections aside.