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Перевод текста Panel statement

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Дисциплина: Английский язык
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1 Реферат к тексту на английском языке 3
2 Аннотация к тексту на русском 8
3 Перевод исходного текста на русский язык 9
4 Перевод реферата на русском 16
Приложение 21

   
Отрывок: Introduction
A G20 meeting at the Head of State level in Washington set a precedent for cooperation between countries. The cooperation between countries prevented the global economy from undergoing something that could have been as bad as the Great Depression. This cooperation was relatively easy to achieve, because everybody was scared, and so the will to work together and to find a consensus was very strong.
The crisis is not over, and it’s still important for countries to work together. Against this background, following three topics describe the situation: the macroeconomic situation, financial sector reform, and the governance of the global economy.

The macroeconomic situation
The macroeconomic recovery is characterized by low growth in Europe and very high growth in many emerging countries with United States in-between. Because the recovery is uneven, it is very fragile. That is why it is absolutely necessary to support growth, even when it creates other problems. For this situation it is clear that supporting growth is more important than the possible bad side-effects of this policy.
Although it is not possible everywhere, support for growth is still absolutely necessary. The crisis is not over yet and dependence of the world economy on US economic growth is still significant.
At the same time, here lies the big contradiction, because restoring confidence is an important for global economy. It relies on addressing the public debt situation of many countries, especially, but not only, in Europe. It is not only a question of the countries “at the edge of the cliff” (for those, there’s no choice): it also concerns other countries.
They absolutely have to provide medium-term consolidation plans, even if they don’t apply them immediately. Markets have to be convinced that all these governments are determined to reduce debt ratios to sustainable levels.
The problems are particularly difficult in countries where the debt ratios are not obviously sustainable in the long term, even if there are no immediate crises.
These problems have to be faced with strong commitment in the medium term. Those countries that are “at the edge of the cliff” need strong programmes, like the programme supported by the European Commission, the ECB and the IMF in Greece. The cooperation of three three different institutions was very important, although Greece represents only 2.5% of the euro area’s whole GDP.
Other countries, especially the emerging market economies, are facing a different set of problems. Due to their macroeconomic imbalances they undergo large and unexpected capital inflows and currency pressures. These countries revalue their currencies until they believe they hit a limit of revaluation; they sterilise and put in place prudential control measures. The problems these countries are facing trigger backlashes against free capital mobility.
In the medium term the only way to rebalance the global economy is increasing in the value of many emerging countries’ currencies. Revaluation has to be done progressively. The imbalance problem cannot be solved problem without some important changes in the relative value of currencies.

Financial sector reform
The main task in fixing the financial sector was to adjust the financial system so that this kind of crisis would never happen again. Regulation is necessary, but not sufficient, since there are at least three pillars within a stable financial system: regulation, supervision and crisis resolution.
The areas of regulation, supervision and crisis resolution are crucial, and it is important to be ready in case a new crisis comes. This is fundamental to the public’s trust in the economic institutions. This trust would be seriously undermined if another crisis emerged looking like the previous one.
Global governance
The way this crisis was addressed at the global level was absolutely unprecedented in mankind’s history: a lot of countries facing the same problem at the same moment in time put in place the same policy in a concerted way. During this crisis the general public has come to understand clearly that globalisation is a reality. And it has become obvious that it is impossible to find a domestic solution to a global problem. This means that global governance in economic and financial matters has to be strengthened.
The progress of global governance is difficult, because now, when it seems that most of the crisis is behind, domestic concerns start to predominate. It is politically and ethically absolutely legitimate, but contradictions may arise between domestic concerns and the consideration of global consequences.
European countries have moved a long way from the contradictions they faced 40 years ago. They came to understand that cooperation was the only way forward and that the benefits of cooperation were huge. It took 20-25 years to largely overcome the worries associated with national public opinions on sovereignty.
Governance issues at the global level are similar. It is obvious that big players have big responsibilities, and that the bigger you become the more responsibility you get. Free-riding, trying to take advantage of the situation without looking at the consequences for the rest of the world, carries clear risks as it may backfire on your own economy.
The future of the global economy depends on capacity to solve the contradiction between the wish to solve domestic problems, and avoiding the consequences for the rest of the world. The opposite outcome would be a disaster for the global economy.

Conclusion
The global economy after the crisis is the same as it was before. The lessons that has to be drawn are of two kinds.
The first lesson is that the outstanding problems that formed part of the roots of the crisis have to be fixed, even if the next crisis will have different roots.
The second lesson is that next global system should be developing now. A cooperative system is one of the best possibilities, because in the end such a system is a win-win solution for the global economy. Everybody is better off in a cooperative system than in a situation where everybody follows their own policy without taking into account what is going to happen to others.
The word need to progress in understanding that all countries, especially the big ones, are players in a global game. The idea that countries can find their own solutions for their domestic purposes is an idea from yesterday that cannot bring any good to the global economy. Cooperation has been successful and cooperation is the direction in which the world needs to continue.

Summary
The macroeconomic recovery is very uneven, that’s why it is very fragile. It is absolutely necessary to support growth, even when it creates other problems.
Restoring confidence is also important for global economy. It relies on addressing the public debt situation of many countries, especially, but not only, in Europe.
All countries have to provide medium-term consolidation plans, even if they don’t apply them immediately. The problems are particularly difficult in countries where the debt ratios are not obviously sustainable in the long term, even if there are no immediate crises.
These problems have to be faced with strong commitment in the medium term. Those countries that are “at the edge of the cliff” need strong programmes.
The emerging market economies undergo large and unexpected capital inflows and currency pressures. The problems these countries are facing trigger backlashes against free capital mobility.
In the medium term the only way to rebalance the global economy is increasing in the value of many emerging countries’ currencies.
The main task in fixing the financial sector was to adjust the financial system so that this kind of crisis would never happen again. There are at least three pillars within a stable financial system: regulation, supervision and crisis resolution.
Global governance in economic and financial matters has to be strengthened.
The future of the global economy depends on capacity to solve the contradiction between the wish to solve domestic problems, and avoiding the consequences for the rest of the world.
The outstanding problems that formed part of the roots of the crisis has to be fixed on global level, even if the next crisis will have different roots. The next global system should be developing now. A cooperative system is one of the best possibilities. Cooperation has been successful and cooperation is the direction the world needs to continue.


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