EU Finance Ministers Discuss Ways to Save the Euro

 　　Finance ministers from the 17-nation eurozone are holding another set of talks Tuesday and Wednesday on salvaging¹ their common currency, amid more grim financial news.

　　New governments in Greece and Italy, two of Europe's most financially troubled countries, have not been enough to reassure² markets that the European Union has a handle on its sovereign debt and banking³ crisis. In new signs of doubt, Italian bond rates are soaring, last week, credit agencies lowered their ratings for Belgium, Portugal and Hungary. And lending among European banks is shrinking.

　　As finance ministers meet in Brussels Tuesday and Wednesday, ideas are circulating for more radical⁴ fiscal⁵ changes. France and Germany want a stronger fiscal union among the 17 nations sharing the euro currency, with tougher budget commitments by member states.  That idea was outlined by France's finance minister, Francois Baroin, on Tuesday.

　　Speaking on French radio, Baroin said the European Union should have two objectives; restoring global confidence in the short term and more budgetary and fiscal integration⁶ in the longer term.

　　EU finance ministers are also expected to discuss another option, eurobonds, essentially⁷ a way in which eurozone members guarantee each other's debts. But Germany, the most powerful EU member, opposes the idea.

　　Berlin is also against another idea, reinforcing the powers of the European Central Bank, to make it a so-called lender of last resort for the region.

　　The chief executive officer of the Brussels-based Center for European Policy Studies, Karel Lannoo, says even if EU nations can agree on some of these ideas, they will take time to implement⁸.

　　"There are short-term issues which have to be decided⁹ almost immediately, like preventing the contagion¹⁰ from the solution of Greece, writing off part of its debt, from spreading to other countries," said Lannoo. "And long-term solutions, like seeing whether we can have a federal model, like you have in the United States, of financing the debt of members of the eurozone."

　　As the eurozone crisis has grown this year, so has criticism that European leaders have been too slow and timid in addressing it. Meeting Monday with top EU officials in Washington, U.S. President Barack Obama again raised concerns that Europe's problems may become America's problems.

　　"This is of huge importance to our economy if Europe is contracting or if Europe is having difficulties," said Obama. "Then it is much more difficult for us to create jobs here at home because we send so many products and services to Europe. It is such an important trading partner for us."

　　There is speculation¹¹ that one or more members, starting with debt-strapped Greece, may leave the currency zone, triggering a domino effect. But Lannoo, for one, believes the eurozone will continue through the difficulties.

　　"Basically, I think there is no way back. You start to see some studies that look at the cost of a breakdown¹² of the eurozone," said Lannoo, "the more you read about these things, the more you see this is almost unimaginable."

　　More bailout money for Greece and enlarging the EU bailout fund are also on the ministers' agenda. But the focus is on a December 9 European summit, as pressure mounts for leaders to resolve their debt crisis by the year's end.

1 salvaging   

（从火灾、海难等中）抢救（某物）( salvage的现在分词 )； 回收利用（某物）

参考例句：

• A shipping company has made a claim for the cost of salvaging a sunken ship. 某轮船公司要求赔赏打捞沉船的费用。（make a claim 要求）
• It is not uncommon to hear that a shipping company has made a claim for the cost of salvaging a sunken ship. 航运公司为打捞沉船的费用而提出要求，这并非奇闻。

2 reassure   

v.使放心，使消除疑虑

参考例句：

• This seemed to reassure him and he continued more confidently.这似乎使他放心一点，于是他更有信心地继续说了下去。
• The airline tried to reassure the customers that the planes were safe.航空公司尽力让乘客相信飞机是安全的。

3 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

4 radical   

n.激进份子，原子团，根号；adj.根本的，激进的，彻底的

参考例句：

• The patient got a radical cure in the hospital.病人在医院得到了根治。
• She is radical in her demands.她的要求十分偏激。

5 fiscal   

adj.财政的，会计的，国库的，国库岁入的

参考例句：

• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
• The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。

6 integration   

n.一体化，联合，结合

参考例句：

• We are working to bring about closer political integration in the EU.我们正在努力实现欧盟內部更加紧密的政治一体化。
• This was the greatest event in the annals of European integration.这是欧洲统一史上最重大的事件。

7 essentially   

adv.本质上，实质上，基本上

参考例句：

• Really great men are essentially modest.真正的伟人大都很谦虚。
• She is an essentially selfish person.她本质上是个自私自利的人。

8 implement   

n.(pl.)工具，器具；vt.实行，实施，执行

参考例句：

• Don't undertake a project unless you can implement it.不要承担一项计划，除非你能完成这项计划。
• The best implement for digging a garden is a spade.在花园里挖土的最好工具是铁锹。

9 decided   

adj.决定了的，坚决的；明显的，明确的

参考例句：

• This gave them a decided advantage over their opponents.这使他们比对手具有明显的优势。
• There is a decided difference between British and Chinese way of greeting.英国人和中国人打招呼的方式有很明显的区别。

10 contagion   

n.(通过接触的疾病)传染；蔓延

参考例句：

• A contagion of fear swept through the crowd.一种恐惧感在人群中迅速蔓延开。
• The product contagion effect has numerous implications for marketing managers and retailers.产品传染效应对市场营销管理者和零售商都有很多的启示。

11 speculation   

n.思索，沉思；猜测；投机

参考例句：

• Her mind is occupied with speculation.她的头脑忙于思考。
• There is widespread speculation that he is going to resign.人们普遍推测他要辞职。

12 breakdown   

n.垮，衰竭；损坏，故障，倒塌

参考例句：

• She suffered a nervous breakdown.她患神经衰弱。
• The plane had a breakdown in the air,but it was fortunately removed by the ace pilot.飞机在空中发生了故障，但幸运的是被王牌驾驶员排除了。