5. What do you know about the euro? Notes: 7 kinds. Coins: 8 kinds. stability EUR

8. What do you think is the reason to launch a single currency in Europe?

11. It will happen over a holiday weekend, and in a way which leaves ordinary citizens more or less unaffected, as new notes and coins will not replace old national currencies for another three years. But the nature of its launch on January 4th should not let anyone underestimate the importance of the creation of the euro, the new single currency for 11 European Union members, nor miss its genuinely historic nature. It is the biggest risk the EU has ever taken, but also anover currencieslaunchrisk almost Double Negation What day was Jan. 4th? “ Not only ” is omitted

12. over: until or beyond the end of  Can you stay over Sunday? (Until Monday)  stay over the holidays 一直呆到假期结束

13. currency: money in use Austria Belgium/France Germany Finland Italy Netherlands Portugal Spain Ireland Greece Luxembourg pound drachma 德拉克马 franc peseta 比塞塔 escudo 埃斯库多 guilder 盾 markka lira schilling mark

14. dong 越南盾（ Vietnam ） dinar （ Iraq, Yemen, Jordan…) rial ( Iran) baht (Thailand)

15. launch vt. ① to throw or propel with force; hurl:  ~ a spear 掷标枪 ② to set or thrust (a self-propelled craft or projectile) in motion:  ~ a rocket/ a torpedo. 发射一枚火箭 / 一颗鱼雷 ③ Nautical To put (a boat) into the water in readiness for use. ④ to set going; initiate:  launch a career; launch a business venture.

16. ⑤ to introduce to the public or to a market:  ~ the new perfume with prime-time commercials on the major networks 推出这种新型香水 vi. to begin a new venture or phase; embark:  launch forth on a dangerous mission; 开始执行一项危险的使命；  launched out on her own after college. 她大学毕业后展开新生活

17. take a risk/ take risks/ run risks risk n. 危险；风险  a risk of fire  He took a risk when he crossed the old bridge.  at one's own risk 自担风险  at risk 有危险 children at risk

18. vt. 使冒危险；作赌注 / 冒 … 之险  to risk failure  He risked his life when he saved the child from the fire.  You should not have risked the confrontation with the government.

19. adventure that could transform the economic and political landscape of the continent. It is the first time that countries of anything like this number, size or global economic weight have gathered together to share a currency, and thus to pool their monetary sovereignty. It is arguably the most momentous currency innovation since the establishment of the United States dollar in 1792.pool sovereignty momentous The general situation in which a particular activity takes place

20. pool n. &v. 合伙经营 ; 以 ( 资金等 ) 入伙 ; 集中 ( 智慧等 ); 共享 ; 分享  car pool  pool (together) our efforts  pool the wisdom of the masses  The three boys pooled their savings for a year to buy a boat.

21. sovereignty: supreme power sovereign country: independent country which can govern itself. Tr. 中国已于 1997 年、 1999 年分别对香港 和澳门恢复行使主权。 China resumed to exercise sovereignty over Hong Kong and Macao since 1997 and 1999.

22. China established diplomatic relations based on the principles of mutual respect for each other’s sovereignty, and territorial integrity, mutual non- aggression, and non interference in each other’s internal affairs, equality and mutual benefit, peaceful coexistence.

23. momentous adj. of utmost importance; of outstanding significance or consequence:  a momentous occasion  a momentous decision a momentous event Cf. momentary pause 瞬间的, 短暂的

24. Main idea of P1 The creation of euro is of great historical significance.

25. But is the euro to be welcomed? Yes, it is, and all should hope that it will be a success. The European Union is an imperfect creature, with some of its actions based on fine principles of political economy and some on poor ones. The intentions behind the euro fall clearly into the first category. measures “ of its actions based ” is omitted here Which category? What ‘s the author’s attitude towards euro?

27. The EU was founded in 1957 on the desire to avoid war, and many of its best achievements have also been based on another sort of disarmament: policy disarmament. the transfer of art of government, power disarmament: dis+arm 武装 +-a- 连接字母 +- ment 名词后缀 Word formation

28. For external trade, for state aids, for the single-market roles and others, countries have handed over powers that seemed (though generally weren't) individually desirable but were in practice mutually harmful. A similar transfer is happening now with monetary policy. Cf. take over 对外贸易 in fact

29. The 11 euro members' rights to inflate, to finance budget deficits by printing money, to boost exports temporarily by currency devaluation are being handed over to the new European Central Bank (ECB) in the most powerful way possible, by treaty. attributive of “ rights ”

30. deficit n. 赤字, 逆差, 欠缺  cover the deficit 弥补亏损  deficit spending 赤字开支  budget deficit/ financial deficit 预算赤字, 财政赤字  trade deficit 贸易逆差, 入超 Ant. surplus 剩余，盈余

31. What does “devaluation” probably mean? A currency changing to a lower value. Ant. appreciation of a currency 货币升值

32. Main idea of P 2 The member countries’ power have been transferred to the ECB.

33. The transfer of powers to a supra-national body does not guarantee they will be used well. In trade, national protectionism has too often merely been replaced by pan- European Protectionism. But the Treaty of Maastricht, which in 1991 paved the way for the ECB and the euro, gives cause for hope. The ECB has a strict and simple task: price stability. It is forbidden by treaty from bailing out a government that is wasting money. Its independence from political interference is well established.supra-nationalIn trade, national protectionism has too often merely been replaced by pan- European Protectionism. bailing out organization give good reason for

34. supra-national Extending beyond or transcending established borders or spheres of influence held by separate nations:  超国家的：延伸出超越了各独立国家的 边界或影响范围的：  a supra-national economy; supra-national federations. 超国家经济；超国家联盟

35. In trade, national protectionism … pan-European Protectionism. Paraphrase: In the past, before ECB came into being, each country protect its own trade, now since they form an alliance, they will protect the whole Europe’s trade.

36. pan- prefix （前缀）  All: panorama 全景  Involving all of or the union of a specified group: Pan-Africanism Pan-American

37. bail out to extricate from a difficult situation: e.g. always bailing you out of trouble 总是帮你摆脱困境

38. Main idea of P3 The task of the ECB is price stability.

39. That said, the risks associated with the euro also begin with the treaty. To paraphrase Keynes's criticisms of the Treaty of Versailles after the First World War, treaties often solve one problem but cause the next. In the case of Maastricht one risk is that the ECB'S task will be carried out too strictly and inflexibly. But the most worrying consequency lies in the treaty's restriction on national budget deficits and in the cementing of those stiffly, can not bend strengthen So far/ thus According to/ as far as … is concerned

40. concerns in the later Stability and Growth Fact. This deprives governments of the one power which, under a monetary union, they most need: the ability to use national fiscal policy to counteract recessions which affect one member state more than the others. They have not lost this ability altogether, but it will be severely constrained. concerns completely financial

41. concerns: sth. important sth. involved What does “concerns” refer to? The treaty’s restriction on national budget deficits

42. counteract vt. Reduce/ prevent bad effects of sth by doing sth that has opposite effect e.g. a drug that ~s the poison

43. Main idea of P4 The risk of the Treaty of Maastricht is that the ECB’s task will be carried out too strictly and inflexibly.

44. The danger that this raises is that in the event of a sharp recession in one or more countries, there will then be a political reaction against the EU itself. The Union as a whole, and other euro members, will be blamed for the victim's inability to moderate its recession. Given that public support for the euro has been thin, to say the least, in most of the member countries, this is one hostage to fortune.moderate Given in the case of

45. moderate v. to make sth. less violent or extreme e.g. We could not leave the harbor until the storm moderated. Parents should moderate their language when children are present.

46. given prep. ① considering Given the time and efficiency, you’ve done a good job. ② +that Given that there was so little time left, we can put it off till tomorrow. ③ if, suppose Given good health, I hope to complete the book this year.

47. Main idea of P5 The whole Union will be blamed for one country’s inability to moderate its recession.

48. A United States of Europe? Such an outcome, if it happens, could cause a political controversy; or it could lead to more power being transferred to the EU in the worst possible circumstances, namely when the Union is deeply unpopular. But there is also a happier way to think about things. Perhaps this nasty outcome will not occur, either because no such "asymmetric" recession takes placeasymmetric dispute

49. asymmetric: imbalanced, irregular Word formation a + symmetric “a” is a negative prefix. e.g. a-typical pneumonia

50. or because governments, meanwhile, have dismantled the Stability Pact. In that event, the cure will have proved a success: its members will have achieved low inflation, and the currency will have ridden out the ups and downs of the economic cycle without itself becoming politically unpopular. That is the outcome for which everyone should be hoping during the next decade. dissolve come safely through trouble

51. Main idea of P6 There is a happier way to think about the outcome of the euro.

52. What then? The answer, most probably, is that a successful cure would give a big impulse to political union between the constituent countries, something close to the founding fathers'--and Winston Churchill's--original dream. The policy disarmament of monetary union would have been shown to have worked, would by then be justifiably popular, and would have encouraged impetus/drive What’s the meaning of “worked”?

53. governments to seek new ways to transfer their powers to common institutions. Such a union is not inevitable. And on a decade or two's timetable it would be unlikely to be as full a union as the United States of America. To those who hate federalism, the very thought will seem intolerable. But this would be the right way to arrive at a closer union: after a positive experience, and with popular support.

54. Main idea of P7 The euro will help promote the political union between the constituent countries.

55. Even this Elysian vision must, however, take account of other likely changes. By then the EU will be bigger, with 20- 30 members rather than the current 15. That fact, let alone the current division between the 11 euro countries and the four, led by Britain, that have not joined, is likely to mean that the Union should become a multi-system entity, with some counties signing up to everything and others choosing only some things. take account of signing up

56. Pay attention to the following phrases take sth. into account/consideration on account of account for

57. sign up to sign a contract agreeing to work for that organization

58. It may well prove perfectly rational, in the long term, for some EU countries to stay out of even a successful euro. But that, too, is a happy thought: a Europe that is broad as well as deep, that takes account of national differences and is not thought of as a federalising bully. If the euro succeeds in creating such a Europe, its launch on January 4th 1999 will be looked back on as really quite a moment. to stay out of even a successful euro.

59. “to stay out of even a successful euro.” Paraphrase: Even if the single currency policy will prove to be successful, some countries still will not take part in the system.

60. Main idea of P8 The EU will become a multi-system entity.