经济学人281:欧洲的问题不在于货币

 　　One nation overdrawn¹

　　欧洲的问题不在于货币

　　Lessons for Europe from America’s history

　　美国历史对今天欧洲的启示

　　IN THE frantic² race to save the euro, many Europeans have sought inspiration from the United States, perhaps the most successful monetary³ union in history. Germany’s council of economic experts has proposed a debt “redemption pact” modelled on the American federal government’s assumption of state debts in 1790. To European federalists, America demonstrates that monetary union cannot survive without fiscal⁴ union. And proponents⁵ of a European lender of last resort to insulate sovereigns from liquidity⁶ crises note how America can still borrow at 2% thanks to a deep and liquid government bond market backstopped by the Federal Reserve.

　　在拯救欧元的燃眉时刻，很多欧洲人试图从美国经验中寻找启示，因为美国的货币联盟大概是历史上最成功的了。德国的经济专家委员会最近提出的“债务救赎协议”， 就是以1790年美国联邦政府承担州政府债务的行动为范本的。在欧洲的联邦主义者看来，美国历史已经证明，没有财政联盟的支持，货币联盟不可能独立存在。为了避免主权基金发生流动性危机，一些人士认为，应当有一个统一的欧洲债权人作为最终保障。他们注意到，正是由于美国存在着一个由联邦储备作后盾的丰富并流动性高的公债市场，政府才能仍以2%的低利率借贷。

　　Look more carefully, however, and the American example is more complicated. Fiscal and currency union did indeed kick-start America’s early economic development. But fiscal and monetary frameworks were so rudimentary that they contributed little to nation-building.

　　但仔细考察一下就可以发现，美国的经验没有人们想象的那么简单。财政联盟和货币联盟确实促进了美国初期的经济发展，但当时两者的结构仍是非常初级的，对于美国的立国过程并没有发挥太大作用。

　　America began life as a fiscal basket-case. The federal and state governments were deeply in arrears⁷ on loans taken out to finance their war for independence from Britain; federal debt traded at 50 cents on the dollar, state debt for 20 cents or less. Alexander Hamilton, the first Treasury⁸ secretary, considered it vital to America’s economic health to re-establish faith in the national credit. He proposed in 1790 that the federal government assume the states’ war debts and then arrange a new schedule of payments and interest to refinance all of the republic’s unpaid⁹ bills. Holders¹⁰ of the restructured bonds would be encouraged to exchange them for capital in a new central bank that would issue a uniform currency to unify¹¹ the states’ financial systems.

　　建国初期，美国的财政状况非常困顿。为筹措资金支撑脱离英国的独立战争，联邦和州政府都承受着沉重的债务负担。联邦债券只能以面值的一半价格出售，而州政府债券只能以20%甚或更低价格出售。因此，美国第一任财长亚历山大?汉密尔顿认为，重振人们对国债的信心，对美国经济的健康发展至关重要。于是他在1790年提出，由联邦政府承担州政府的所有战争欠款，并安排新的还本付息计划，为全国所有未偿付债务进行再融资。政府鼓励新公债持有人到新的中央银行把手中公债兑换为现金，而中央银行将发行单一货币以统一各州的财政系统。

　　Foreshadowing the rifts¹² within Europe today, Hamilton’s plan was deeply divisive. Virginia and other southern states that had paid off their debts resented being asked to pay taxes to bail¹³ out the others. Hamilton at one point feared for the future of the union if his plan did not pass: “Our credit will burst and vanish; and the States separate, to take care every one of itself.”

　　和今天欧洲内部纷争的状况类似，汉密尔顿的计划当时也是毁誉参半。弗吉尼亚和南方其它已付清债务的各州，都不愿再交税以帮助其它州还债。汉密尔顿曾担心，他的计划如果通不过，会危及联邦的命运：“我们的债务系统会崩溃以至消失，各州将分道扬镳，各顾各的。”

1 overdrawn   

透支( overdraw的过去分词 )； (overdraw的过去分词)

参考例句：

• The characters in this novel are rather overdrawn. 这本小说中的人物描写得有些夸张。
• His account of the bank robbery is somewhat overdrawn. 他对银行抢案的叙述有些夸张。

2 frantic   

adj.狂乱的，错乱的，激昂的

参考例句：

• I've had a frantic rush to get my work done.我急急忙忙地赶完工作。
• He made frantic dash for the departing train.他发疯似地冲向正开出的火车。

3 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。

4 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。

5 proponents   

n.（某事业、理论等的）支持者，拥护者( proponent的名词复数 )

参考例句：

• Reviewing courts were among the most active proponents of hybrid rulemaking procedures. 复审法院是最积极的混合型规则制定程序的建议者。 来自英汉非文学 - 行政法
• Proponents of such opinions were arrested as 'traitors. ' 提倡这种主张的人马上作为“卖国贼”逮捕起来。 来自辞典例句

6 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

7 arrears   

n.到期未付之债，拖欠的款项；待做的工作

参考例句：

• The payments on that car loan are in arrears by three months.购车贷款的偿付被拖欠了三个月。
• They are urgent for payment of arrears of wages.他们催讨拖欠的工钱。

8 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。

9 unpaid   

adj.未付款的，无报酬的

参考例句：

• Doctors work excessive unpaid overtime.医生过度加班却无报酬。
• He's doing a month's unpaid work experience with an engineering firm.他正在一家工程公司无偿工作一个月以获得工作经验。

10 holders   

支持物( holder的名词复数 )； 持有者； （支票等）持有人； 支托（或握持）…之物

参考例句：

• Slaves were mercilessly ground down by slave holders. 奴隶受奴隶主的残酷压迫。
• It is recognition of compassion's part that leads the up-holders of capital punishment to accuse the abolitionists of sentimentality in being more sorry for the murderer than for his victim. 正是对怜悯的作用有了认识，才使得死刑的提倡者指控主张废除死刑的人感情用事，同情谋杀犯胜过同情受害者。

11 unify   

vt.使联合，统一；使相同，使一致

参考例句：

• How can we unify such scattered islands into a nation?我们怎么才能把如此分散的岛屿统一成一个国家呢？
• It is difficult to imagine how the North and South could ever agree on a formula to unify the divided peninsula.很难想象南北双方在统一半岛的方案上究竟怎样才能达成一致。

12 rifts   

n.裂缝( rift的名词复数 )；裂隙；分裂；不和

参考例句：

• After that, through the rifts in the inky clouds sparkled redder and yet more luminous particles. 然后在几条墨蓝色云霞的隙缝里闪出几个更红更亮的小片。 来自汉英文学 - 现代散文
• The Destinies mend rifts in time as man etches fate. 当人类想要再次亵渎命运的时候，命运及时修正了这些裂痕。 来自互联网

13 bail   

v.舀（水），保释；n.保证金，保释，保释人

参考例句：

• One of the prisoner's friends offered to bail him out.犯人的一个朋友答应保释他出来。
• She has been granted conditional bail.她被准予有条件保释。