EU Worried About Rising Euro, Sinking Dollar

 

By Roger Wilkison

European Union finance ministers are calling for the United States to shore up the sagging¹ dollar by bringing its trade and budget deficits³ under control. The ministers are worried that, if the European single currency continues to gain against the dollar, the bloc's nascent⁴ economic recovery will be thwarted⁵.

The euro, which is shared by 12 EU nations, has risen nearly seven percent against the dollar in the past two months amid signs that the Bush administration is prepared to tolerate prolonged weakness in the U.S. currency. On Tuesday, the euro was hovering⁶ between $1.29 and $1.30 on exchange markets, nearing last week's record low.

A strengthening euro is bad news for European exporters. In Germany, where consumer spending is moribund⁷, exports supply what little growth the country has registered.

The Europeans blame the dollar's slide on a swelling⁸ U.S. budget deficit², caused in part by increased spending on the war in Iraq and the war on terror, as well as tax cuts implemented⁹ by the Bush administration. They also cite Washington's huge trade deficit as a reason for the dollar's decline.

Some European economists¹⁰ also say that the reluctance¹¹ of Asian countries to let their currencies rise in value against the dollar means that the euro will continue to absorb the bulk of the pressure from a weakened U.S. currency.

Dutch Finance Minister Gerrit Zalm, whose country holds the EU rotating presidency¹², told reporters that the Euro's record-breaking appreciation¹³ against the dollar is starting to undermine the bloc's already struggling economy.

"As far as the exchange rate is concerned, ministers agreed that excess volatility¹⁴ and disorderly movements in exchange rates are undesirable¹⁵ for economic growth and, in this context, the recent sharp moves of exchange rates are unwelcome," he said.

But EU officials say there are no signs that Washington is listening to European pleas.

Treasury¹⁶ Secretary John Snow, who is visiting Europe, says the United States supports a strong dollar, but that it is up to financial markets to set exchange rates. And even though he acknowledged that the U.S. budget deficit is too big, many analysts¹⁷ say that further weakening of the dollar is one way for Washington to boost U.S. exports, spur economic growth at home, and help reduce America's trade deficit.

Some German economists see a silver lining¹⁸ in the euro's rise. They say a strong euro raises European purchasing power and could help spur lackluster consumer spending. Under that scenario¹⁹, a country like Germany could switch from relying on export-led growth to domestic-led growth. But they also warn that, if the euro rises to $1.40, that could dampen economic activity across the continent.

Roger Wilkison, VOA news, Brussels.
注释：
finance 财政
shore up 支持
nascent 刚出现的
thwart 阻碍
hover 徘徊
consumer spending 消费性开支
swelling 猛涨的
reluctance 不愿
appreciation 增值
exchange rate 汇率，兑换率
a silver lining 一线希望
lackluster 缺乏活力的

1 sagging   

下垂[沉，陷]，松垂，垂度

参考例句：

• The morale of the enemy troops is continuously sagging. 敌军的士气不断低落。
• We are sagging south. 我们的船正离开航线向南漂流。

2 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。

3 deficits   

n.不足额( deficit的名词复数 )；赤字；亏空；亏损

参考例句：

• The Ministry of Finance consistently overestimated its budget deficits. 财政部一贯高估预算赤字。 来自《简明英汉词典》
• 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。 来自辞典例句

4 nascent   

adj.初生的，发生中的

参考例句：

• That slim book showed the Chinese intelligentsia and the nascent working class.那本小册子讲述了中国的知识界和新兴的工人阶级。
• Despite a nascent democracy movement,there's little traction for direct suffrage.尽管有过一次新生的民主运动，但几乎不会带来直接选举。

5 thwarted   

阻挠( thwart的过去式和过去分词 )； 使受挫折； 挫败； 横过

参考例句：

• The guards thwarted his attempt to escape from prison. 警卫阻扰了他越狱的企图。
• Our plans for a picnic were thwarted by the rain. 我们的野餐计划因雨受挫。

6 hovering   

鸟( hover的现在分词 )； 靠近（某事物）； （人）徘徊； 犹豫

参考例句：

• The helicopter was hovering about 100 metres above the pad. 直升机在离发射台一百米的上空盘旋。
• I'm hovering between the concert and the play tonight. 我犹豫不决今晚是听音乐会还是看戏。

7 moribund   

adj.即将结束的，垂死的

参考例句：

• The moribund Post Office Advisory Board was replaced.这个不起作用的邮局顾问委员会已被替换。
• Imperialism is monopolistic,parasitic and moribund capitalism.帝国主义是垄断的、寄生的、垂死的资本主义。

8 swelling   

n.肿胀

参考例句：

• Use ice to reduce the swelling. 用冰敷消肿。
• There is a marked swelling of the lymph nodes. 淋巴结处有明显的肿块。

9 implemented   

v.实现( implement的过去式和过去分词 )；执行；贯彻；使生效

参考例句：

• This agreement, if not implemented, is a mere scrap of paper. 这个协定如不执行只不过是一纸空文。 来自《现代汉英综合大词典》
• The economy is in danger of collapse unless far-reaching reforms are implemented. 如果不实施影响深远的改革，经济就面临崩溃的危险。 来自辞典例句

10 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

11 reluctance   

n.厌恶，讨厌，勉强，不情愿

参考例句：

• The police released Andrew with reluctance.警方勉强把安德鲁放走了。
• He showed the greatest reluctance to make a reply.他表示很不愿意答复。

12 presidency   

n.总统(校长，总经理)的职位(任期)

参考例句：

• Roosevelt was elected four times to the presidency of the United States.罗斯福连续当选四届美国总统。
• Two candidates are emerging as contestants for the presidency.两位候选人最终成为总统职位竞争者。

13 appreciation   

n.评价；欣赏；感谢；领会，理解；价格上涨

参考例句：

• I would like to express my appreciation and thanks to you all.我想对你们所有人表达我的感激和谢意。
• I'll be sending them a donation in appreciation of their help.我将送给他们一笔捐款以感谢他们的帮助。

14 volatility   

n.挥发性，挥发度，轻快，（性格）反复无常

参考例句：

• That was one reason why volatility was so low last year.这也是去年波动性如此低的原因之一。
• Yet because volatility remained low for so long,disaster myopia prevailed.然而，由于相当长的时间里波动性小，灾难短视就获胜了。

15 undesirable   

adj.不受欢迎的，不良的，不合意的，讨厌的；n.不受欢迎的人，不良分子

参考例句：

• They are the undesirable elements among the employees.他们是雇员中的不良分子。
• Certain chemicals can induce undesirable changes in the nervous system.有些化学物质能在神经系统中引起不良变化。

16 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。

17 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

18 lining   

n.衬里，衬料

参考例句：

• The lining of my coat is torn.我的外套衬里破了。
• Moss makes an attractive lining to wire baskets.用苔藓垫在铁丝篮里很漂亮。

19 scenario   

n.剧本，脚本；概要

参考例句：

• But the birth scenario is not completely accurate.然而分娩脚本并非完全准确的。
• This is a totally different scenario.这是完全不同的剧本。