2007年VOA标准英语-Asian Financial Experts Advocate Regional Effor

By Douglas Bakshian
Manila
02 July 2007

Asian economic experts say regional integration¹ is the best way to prevent another financial crisis like the one that began 10 years ago. The region has bounced back, but officials at the Asian Development Bank are pushing governments to develop ways to avoid future economic breakdowns². Douglas Bakshian reports from Manila.

Asian Development Bank President Haruhiko Kuroda, second from right, shakes hands with Philippines' former Finance Secretary Roberto Ocampo, right, 02 Jul 2007

Thai Finance Minister Chalongphob Sussangkarn says Asia must funnel³ some of its $3 trillion in international reserves back into the region. He says the region should develop a long-term financing mechanism⁴ for countries in need of assistance.

In his comments at an Asian Development Bank conference in Manila, he took a swipe at Western-dominated lenders such as the International Monetary⁵ Fund.

"We need to set up an Asian monetary organization," he said. "And that needs to be set up in Asia so that in the future instead of people talking about the Washington consensus⁶, they can be talking about the Manila consensus."

During the early 1990s, most Asian countries saw their economies expand rapidly. Billions of dollars in foreign investment poured into the region. But in early 1997, investors⁷ in Thailand became worried about the country's ability to repay foreign debt and they sold the baht. Thailand gave up trying to keep the currency from depreciating⁸, and floated it on July 2nd, 1997, triggering a financial panic that swept across much of Asia.

The IMF lent money to several governments to stabilize⁹ their finances, but imposed tough demands in return, such as cutting budgets and raising interest rates. Some critics say those measures worsened the effects of the crisis, although other experts say they forced governments to strengthen their banking¹⁰ systems.

It took nearly a decade for a full recovery across the region.

One financial safety mechanism created since the crisis is the Chiang Mai initiative, short-term currency swaps¹¹ between central banks to replenish¹² depleted¹³ reserves. The Association of Southeast Asian Nations, Japan, China and South Korea organized it.

South Korean Commerce Minister Chung Duck-koo calls the measure effective, and criticizes management by the IMF in Washington. He compares the Asian financial crisis of 10 years ago to a fire being battled by firefighters located an ocean away.

"Since the big city fire department was located too far away, it seems that what we needed was a voluntary community fire brigade to minimize the damages through initial response," he said.

ADB President Haruhiko Kuroda also stressed that Asia's recovery from the crisis underscores the importance of regional economic integration and cooperation.

"The evolving regional economic environment, cross-border production networks, and the advances in information technology helped leaders recognize the need to work together to build better resilience to potential shocks, both external and internal," he said.

The Asian Development Bank is helping¹⁴ develop a regional bond market as one way of strengthening financial systems. It also advocates regional programs on trade, investment, finance and cross-border infrastructure¹⁵ as other ways to integrate and grow the economy of Asia.

1 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。

2 breakdowns   

n.分解( breakdown的名词复数 )；衰竭；（车辆或机器的）损坏；统计分析

参考例句：

• Her old car was unreliable, so the trip was plagued by breakdowns. 她的旧车老不听使唤，一路上总是出故障。 来自辞典例句
• How do we prevent these continual breakdowns? 我们如何防止这些一再出现的故障？ 来自辞典例句

3 funnel   

n.漏斗；烟囱；v.汇集

参考例句：

• He poured the petrol into the car through a funnel.他用一个漏斗把汽油灌入汽车。
• I like the ship with a yellow funnel.我喜欢那条有黄烟囱的船。

4 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。

5 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。

6 consensus   

n.(意见等的)一致，一致同意，共识

参考例句：

• Can we reach a consensus on this issue?我们能在这个问题上取得一致意见吗？
• What is the consensus of opinion at the afternoon meeting?下午会议上一致的意见是什么？

7 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

8 depreciating   

v.贬值，跌价，减价( depreciate的现在分词 )；贬低，蔑视，轻视

参考例句：

• Explain how depreciating PP&E is an example of the matching principle. 解释房产、厂房、设备折旧如何体现了配比原则？ 来自互联网
• Explain how depreciating an example of the matching principle. 解释房产、房、备折旧如何体现了配比原则？ 来自互联网

9 stabilize   

vt.（使）稳定，使稳固，使稳定平衡；vi.稳定

参考例句：

• They are eager to stabilize currencies.他们急于稳定货币。
• His blood pressure tended to stabilize.他的血压趋向稳定。

10 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。

11 swaps   

交换( swap的名词复数 )； 交换物，被掉换者

参考例句：

• He swaps his old car for a new motorcycle. 他用旧车换了一辆新摩托车。 来自英汉 - 翻译样例 - 口语
• Swaps the anchor and end points of the current selection. 交换当前所选内容的定位点和结束点。

12 replenish   

vt.补充；(把…)装满；(再)填满

参考例句：

• I always replenish my food supply before it is depleted.我总是在我的食物吃完之前加以补充。
• We have to import an extra 4 million tons of wheat to replenish our reserves.我们不得不额外进口四百万吨小麦以补充我们的储备。

13 depleted   

adj. 枯竭的, 废弃的 动词deplete的过去式和过去分词

参考例句：

• Food supplies were severely depleted. 食物供应已严重不足。
• Both teams were severely depleted by injuries. 两个队都因队员受伤而实力大减。

14 helping   

n.食物的一份&adj.帮助人的，辅助的

参考例句：

• The poor children regularly pony up for a second helping of my hamburger. 那些可怜的孩子们总是要求我把我的汉堡包再给他们一份。
• By doing this, they may at times be helping to restore competition. 这样一来, 他在某些时候,有助于竞争的加强。

15 infrastructure   

n.下部构造，下部组织，基础结构，基础设施

参考例句：

• We should step up the development of infrastructure for research.加强科学基础设施建设。
• We should strengthen cultural infrastructure and boost various types of popular culture.加强文化基础设施建设，发展各类群众文化。