Economic Worries Spark French-British Tensions

 　　As Europe's fiscal¹ concerns mount, relations between France and Britain are fraying² as the two countries trade barbs³ over which economy is the worse off. The spat⁴ among historic rivals comes amid more gloomy economic forecasts out this week.

　　Slow growth and high debts have strained European Union ties this year, raising arguments that Europe must either bind⁵ closer together fiscally⁶ and economically, or face at least the prospect⁷ that the 17-nation eurozone might break apart. Britain - which is not part of the eurozone - made clear earlier this month it would not join a new fiscal pact⁸ championed by France and Germany.

　　That has strained relations with France. So have comments by French government officials - like French Finance Minister Francois Baroin.

　　In a recent radio interview, Baroin rejected any economic "lessons" from London. Britain's economy was very worrying, he said, adding that it was preferable to be French right now than British.

　　Reports say Britain has objected to these and other French remarks. But the bottom line, says Tomasz Michalski, a professor at the HEC business school in Paris, is that both France and Britain should be worrying.

　　"If you look at economic figures, both France and the United Kingdom are not doing especially well," said Michalski. "So they have high debt-to-GDP ratios - France has something which is approaching 90 percent; the UK is around 80 percent. Both are in danger of a recession. And therefore the prospects⁹ of both countries incurring¹⁰ more debt in the future are still large."

　　Ratings agencies - including Fitch Ratings on Friday - have warned a French downgrade is looming¹¹. That would be a blow to French President Nicolas Sarkozy's campaign for reelection next year.

　　"Sarkozy is very uneasy with France losing its triple A status just before the presidential elections," said Michalski. "That's because it would be on his watch - he would be responsible."

　　In fact, the outlook for Europe as a whole is gloomy. The European Central Bank in a report on Monday predicted tough economic times in 2012, with slower economic growth and a shortage of financing for banks. But in remarks to European lawmakers, ECB President Mario Draghi downplayed fears of a breakup of the eurozone.

　　"I have no doubt whatsoever¹² about the strength of the euro, about its permanence, about its irreversibility….The one [single] currency is irreversible," Draghi said.

　　On Monday, European finance ministers agreed to inject $196 billion into the International Monetary¹³ Fund to help shore up struggling eurozone countries. But that sum fell short of the $261 billion European leaders agreed on earlier this month. Britain reportedly declined to contribute to the funding.

1 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。

2 fraying   

v.（使布、绳等）磨损，磨破( fray的现在分词 )

参考例句：

• The cuffs of his shirt were fraying. 他衬衣的袖口磨破了。
• Support for the leader was fraying at the edges. 对这位领导人的支持已经开始瓦解。 来自《简明英汉词典》

3 barbs   

n.（箭头、鱼钩等的）倒钩( barb的名词复数 )；带刺的话；毕露的锋芒；钩状毛

参考例句：

• She slung barbs at me. 她说了些讥刺我的话。 来自《简明英汉词典》
• I would no longer uncomplainingly accept their barbs or allow their unaccountable power to go unchallenged. 我不会再毫无怨言地洗耳恭听他们带刺的话，或让他们的不负责任的权力不受到挑战。 来自辞典例句

4 spat   

n.口角，掌击；v.发出呼噜呼噜声

参考例句：

• Her parents always have spats.她的父母经常有些小的口角。
• There is only a spat between the brother and sister.那只是兄妹间的小吵小闹。

5 bind   

vt.捆，包扎；装订；约束；使凝固；vi.变硬

参考例句：

• I will let the waiter bind up the parcel for you.我让服务生帮你把包裹包起来。
• He wants a shirt that does not bind him.他要一件不使他觉得过紧的衬衫。

6 fiscally   

在国库方面，财政上，在国库岁入方面

参考例句：

• Nor will fiscally stretched governments pump more money into the political equivalent of a leper colony. 财政吃紧的政府也不愿将更多的钱投入这个避之唯恐不及的政治瘟疫区。
• We are more fiscally constrained, which forces us to work smarter and more efficiently. 与F-15相比我们资金上的限制更大了，美女类小游戏，这迫使我们更为精心和有效地工作。

7 prospect   

n.前景，前途；景色，视野

参考例句：

• This state of things holds out a cheerful prospect.事态呈现出可喜的前景。
• The prospect became more evident.前景变得更加明朗了。

8 pact   

n.合同，条约，公约，协定

参考例句：

• The two opposition parties made an electoral pact.那两个反对党订了一个有关选举的协定。
• The trade pact between those two countries came to an end.那两国的通商协定宣告结束。

9 prospects   

n.希望，前途(恒为复数)

参考例句：

• There is a mood of pessimism in the company about future job prospects. 公司中有一种对工作前景悲观的情绪。
• They are less sanguine about the company's long-term prospects. 他们对公司的远景不那么乐观。

10 incurring   

遭受，招致，引起( incur的现在分词 )

参考例句：

• Many of the world's farmers are also incurring economic deficits. 世界上许多农民还在遭受经济上的亏损。
• He spoke to the Don directly, taking a chance on incurring Michael's ill will. 他直接向老头子谈自己的意见，这显然要冒引起迈克尔反感的风险。 来自教父部分

11 looming   

n.上现蜃景（光通过低层大气发生异常折射形成的一种海市蜃楼）v.隐约出现，阴森地逼近( loom的现在分词 )；隐约出现，阴森地逼近

参考例句：

• The foothills were looming ahead through the haze. 丘陵地带透过薄雾朦胧地出现在眼前。 来自《简明英汉词典》
• Then they looked up. Looming above them was Mount Proteome. 接着他们往上看，在其上隐约看到的是蛋白质组山。 来自英汉非文学 - 生命科学 - 回顾与展望

12 whatsoever   

adv.（用于否定句中以加强语气）任何；pron.无论什么

参考例句：

• There's no reason whatsoever to turn down this suggestion.没有任何理由拒绝这个建议。
• All things whatsoever ye would that men should do to you,do ye even so to them.你想别人对你怎样，你就怎样对人。

13 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。