Eurozone launches ESM as "historic milestone" in shaping monetary union

Eurozone launches ESM as "historic milestone¹" in shaping monetary² union

 LUXEMBOURG, Oct. 8 (Xinhua) -- The euro area on Monday launched its permanent bailout fund, the European Stability Mechanism³ (ESM), as "a historic milestone in shaping the future of the European monetary Union," Eurogroup chief said.

"We took today in a very swift way a number of well-prepared decisions and resolutions to make sure that the ESM can function in a proper way," Eurogroup President Jean-Claude Juncker said at a press conference.

The 500-billion-euro (about 653 billion U.S. dollars) permanent bailout fund is designed to provide financing to distressed⁴ eurozone members so long as they are committed to strict fiscal⁵ and structural⁶ reforms that aim to put economies that have lost investor⁷ trust back on track.

HISTORIC MILESTONE

As chairman of the ESM's board of governors, Juncker hailed the launch of the fund as "a historic milestone in shaping the future of the European monetary Union and the euro area."

"Now it (the eurozone) is equipped with a permanent and effective firewall which is a crucial component⁸ in our comprehensive strategy to ensure financial stability in the currency union," Juncker told reporters as eurozone finance ministers kicked off their meeting.

"The introduction of the ESM has closed a gap in the euro area's institutional architecture. The ESM itself will certainly be regarded as a reassuring⁹ presence within and outside the European Monetary Union," he added.

Olli Rehn, the European Union (EU) Economic and Monetary Affairs Commissioner¹⁰, echoed Juncker in highlighting the significance of the introduction of the ESM.

"The inauguration¹¹ and start of operations of the ESM is a very important milestone for the eurozone and the the EU," Rehn told reporters as he arrived at meetings of eurozone and EU finance ministers.

"It provides the euro zone with a robust¹² and permanent firewall and it provides us with a strong toolbox of effective and flexible instruments," added Rehn, who lamented¹³ the lack of instruments of crisis management two and a half years ago.

Back then, "we had to create the Greek loan facility and the temporary EFSF. We are moving forward and we are supplementing the Economic and Monetary Union (EMU) with one important building block," Rehn told reporters.

While admitting the euro crisis is far from over and "nobody is in party mood," Rehn stressed that, "I am less pessimistic for the moment for the eurozone than in the spring."

Juncker, also prime minister of Luxembourg, stressed that "the ESM is not a stand-alone instrument, but part of a comprehensive plan to reshape economic governance in the euro area."

The launch of the ESM, along with the legislative¹⁴ package on budgetary surveillance, the "fiscal compact" and the efforts to establish a single European banking¹⁵ supervisory body, would make the strategy of the eurozone "credible¹⁶", he said.

The ESM's board of governors, which has held its first board meeting, has appointed Klaus Regling, head of the eurozone's temporary bailout fund, the European Financial Stability Facility (EFSF), as managing director of the permanent fund.

"The instruments of the ESM are the same as the instruments of the EFSF," said Regling at the same press conference.

These instruments include "country program loans under full adjustment, precautionary arrangements, interventions¹⁷ on primary and secondary market and bank recapitalization via the treasury¹⁸ of a country," Regling said.

1 milestone   

n.里程碑；划时代的事件

参考例句：

• The film proved to be a milestone in the history of cinema.事实证明这部影片是电影史上的一个里程碑。
• I think this is a very important milestone in the relations between our two countries.我认为这是我们两国关系中一个十分重要的里程碑。

2 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。

3 mechanism   

n.机械装置；机构，结构

参考例句：

• The bones and muscles are parts of the mechanism of the body.骨骼和肌肉是人体的组成部件。
• The mechanism of the machine is very complicated.这台机器的结构是非常复杂的。

4 distressed   

痛苦的

参考例句：

• He was too distressed and confused to answer their questions. 他非常苦恼而困惑，无法回答他们的问题。
• The news of his death distressed us greatly. 他逝世的消息使我们极为悲痛。

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 structural   

adj.构造的，组织的，建筑（用）的

参考例句：

• The storm caused no structural damage.风暴没有造成建筑结构方面的破坏。
• The North American continent is made up of three great structural entities.北美大陆是由三个构造单元组成的。

7 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

8 component   

n.组成部分，成分，元件；adj.组成的，合成的

参考例句：

• Each component is carefully checked before assembly.每个零件在装配前都经过仔细检查。
• Blade and handle are the component parts of a knife.刀身和刀柄是一把刀的组成部分。

9 reassuring   

a.使人消除恐惧和疑虑的，使人放心的

参考例句：

• He gave her a reassuring pat on the shoulder. 他轻拍了一下她的肩膀让她放心。
• With a reassuring pat on her arm, he left. 他鼓励地拍了拍她的手臂就离开了。

10 commissioner   

n.（政府厅、局、处等部门）专员，长官，委员

参考例句：

• The commissioner has issued a warrant for her arrest.专员发出了对她的逮捕令。
• He was tapped for police commissioner.他被任命为警务处长。

11 inauguration   

n.开幕、就职典礼

参考例句：

• The inauguration of a President of the United States takes place on January 20.美国总统的就职典礼于一月二十日举行。
• Three celebrated tenors sang at the president's inauguration.3位著名的男高音歌手在总统就职仪式上演唱。

12 robust   

adj.强壮的，强健的，粗野的，需要体力的，浓的

参考例句：

• She is too tall and robust.她个子太高，身体太壮。
• China wants to keep growth robust to reduce poverty and avoid job losses,AP commented.美联社评论道，中国希望保持经济强势增长，以减少贫困和失业状况。

13 lamented   

adj.被哀悼的，令人遗憾的v.（为…）哀悼，痛哭，悲伤( lament的过去式和过去分词 )

参考例句：

• her late lamented husband 她那令人怀念的已故的丈夫
• We lamented over our bad luck. 我们为自己的不幸而悲伤。 来自《简明英汉词典》

14 legislative   

n.立法机构，立法权；adj.立法的，有立法权的

参考例句：

• Congress is the legislative branch of the U.S. government.国会是美国政府的立法部门。
• Today's hearing was just the first step in the legislative process.今天的听证会只是展开立法程序的第一步。

15 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。

16 credible   

adj.可信任的，可靠的

参考例句：

• The news report is hardly credible.这则新闻报道令人难以置信。
• Is there a credible alternative to the nuclear deterrent?是否有可以取代核威慑力量的可靠办法？

17 interventions   

n.介入，干涉，干预( intervention的名词复数 )

参考例句：

• Economic analysis of government interventions deserves detailed discussion. 政府对经济的干预应该给予充分的论述。 来自辞典例句
• The judge's frequent interventions made a mockery of justice. 法官的屡屡干预是对正义的践踏。 来自互联网

18 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。