2023復(fù)習(xí)正是強(qiáng)化復(fù)習(xí)階段，在考研英語中占了40分，所以考研英語閱讀是英語科目中重要的一項(xiàng)。名師老師曾建議過考研生需要堅(jiān)持每天泛讀10-15分鐘的英文原刊。強(qiáng)烈推薦了雜志《經(jīng)濟(jì)學(xué)人》.雜志中的文章也是考研英語的主要材料來源.希望考研考生認(rèn)真閱讀，快速提高考研英語閱讀水平。 　　The German courts and the ECB 　　德國法院和歐洲央行 　　It isn t over 　　塵埃未定 　　European monetary policy has not been given thereprieve markets believe 　　市場(chǎng)相信:歐洲貨幣政策還未被宣布死緩 　　AS A working rule, the shorter a statement the more it says. 　　作為一項(xiàng)工作法則，言論越是短小精悍，越是意味無窮。 　　A commitment made by the European Central Bank in September 2023 runs to fewer than500 words, but it was enough to send the bond vigilantes packing. 　　歐洲央行在2023年九月的一項(xiàng)承諾短短不過500字，卻足以讓那些債券治安員卷鋪蓋走人。 　　The ECB promised to make unlimited purchases of the sovereign debt of governments onthe ropes. 　　歐洲央行承諾無限制購買那些陷于困境的政府的主權(quán)債務(wù)。 　　These Outright Monetary Transactions, whose drearyname disguises their punch, proved so potent a deterrent that they never had to bedeployed. 　　這些直接貨幣交易的名字沉悶無趣，卻隱藏著強(qiáng)大的沖擊力。事實(shí)證明，OMT威懾力大到實(shí)質(zhì)上從不需要被調(diào)配。 　　But if quiescent markets were to turn nasty again, requiring OMT to be fired, would thecentral bank be acting within its powers? 　　但如果目前晴空萬里的市場(chǎng)又要風(fēng)波再起，以至于要發(fā)射OMT這枚炮彈，歐洲央行還能夠安于自司其職嗎? 　　For more than a year the German constitutional court in Karlsruhe has been contemplatingthis question. 　　一年多以來，在卡爾斯魯厄的德國憲法法院都對(duì)此問題苦思冥想。 　　Even though the place to decide whether a European body is abiding by European law is inLuxembourg at the European Court of Justice, the court in Karlsruhe insists on its right toexamine whether the acts of a European institution are infringing the German constitution. 　　雖然只有位于盧森堡的歐洲法院才能決定歐體是否遵循歐洲法律，位于卡爾斯魯厄的德國法院仍堅(jiān)持要審查歐洲央行的行為是否侵犯了德國的憲法。 　　The judges finally issued a ruling on February 7th. 　　法官們最終在二月七日作出裁決。 　　The judgment of the majority was far harsher than the yes, but verdict that had originallybeen expected. 　　除去八位中的兩位以此案不應(yīng)被受理為由而有所反對(duì)外，多數(shù)裁決的結(jié)果可比人們?cè)瓉眍A(yù)想中行倒是行，不過的判決書嚴(yán)厲多了。 　　Instead the court found that the central bank had overstepped its mandate and that OMTwas a backdoor to monetary financing of governments, outlawed under European treaties. 　　法院認(rèn)為歐洲央行已經(jīng)越位行職，OMT實(shí)際成為政府貨幣融資的后門，而后者已被被歐盟條約取締。 　　But the markets heaved a collective sigh of relief as they noted that in an unprecedentedmove the court had referred crucial points in the case to the ECJ. 　　不過，在得知德國法院史無前例的將此案中的關(guān)鍵點(diǎn)移交給了歐洲法院后，各大市場(chǎng)都松了口氣。 　　Since the European court is thought of as a champion of European integration, OMT shouldbe safe in its hands. 　　由于歐洲法庭被公認(rèn)為歐洲一體化的擁護(hù)者，在那里OMT應(yīng)該會(huì)相當(dāng)安全。 　　But referring points in the case to the ECJ does not mean deferring to it. 　　但是把案子要點(diǎn)交給歐洲法院并不代表讓它最后拍板。 　　The view that the constitutional court has thrown in the towel is incorrect, says Bruno deWitte, a professor of European Union law at Maastricht University; rather the German judgeshave given their interpretation and are asking the ECJ for its views. 　　憲法法院并沒有自認(rèn)失敗，馬斯特里赫特大學(xué)的布魯諾德維特如是說，這不過是德國的法官們?cè)诮o出自己的解讀之后尋求歐洲法院的觀點(diǎn)而已。 　　They will take these into account when passing their final judgment, based as before onwhether OMT infringes Germany s basic law. 　　他們會(huì)在達(dá)成最后判決之前把這些觀點(diǎn)加以考量，而判決仍舊同之前一樣會(huì)基于OMT是否違反了德國的基本法。 　　If the European court simply upholds the ECB s defence of bond buying, which is that it liessquarely within the central bank s monetary-policy mandate, then that could set the stagefor a clash of the courts. 　　如果歐洲法院簡(jiǎn)單粗暴的支持歐洲央行購買債券的辯解，聲稱這完全在央行的貨幣政策職責(zé)范圍內(nèi)，那么這就為法院之間的沖突拉開了帷幕。 　　Given how harsh its ruling has been, the German court might insist that, notwithstanding afavourable judgment from the ECJ, OMT is incompatible with the constitution. 　　德國法院一向作風(fēng)凌厲，即使歐洲央行做出對(duì)OMT有利的判決，它也許會(huì)堅(jiān)稱OMT與憲法互不相容。 　　Though it could not prevail upon the central bank to revise OMT, the court could try toprevent the German Bundesbank from participating in it. 　　雖然德國法院不能夠凌駕于歐洲央行之上來修改OMT，法院依然能夠阻止德國央行參與其中。 　　Can such a battle between Karlsruhe and Luxembourg be avoided? 　　這場(chǎng)卡爾斯魯厄和盧森堡之間的沖突能夠被避免嗎? 　　In effect the German court sets out its terms for a compromise. 　　實(shí)際上德國法庭已經(jīng)在法律條款上做出了讓步， 　　In the event of a restructuring, it does not want the ECB to be on an equal footing withprivate creditors, accepting losses like them on debt acquired through OMT. 　　在重組方面，它并不想讓歐洲央行像私人債權(quán)人一樣通過從OMT取得債款的方式接受損失。 　　The court also says that the policy should, where possible, avoid interfering with priceformation which may refer to setting targets for bond yields. 　　法庭同時(shí)聲稱政策在可能的情況下都不應(yīng)該干涉價(jià)格形成。 　　These demands could probably be met without defanging OMT. 　　這些要求都能夠在不削弱OMT的情況下被滿足。 　　The third stipulationthat purchases should not be unlimitedmight castrate it. 　　第三個(gè)規(guī)定不能無限制購買可能使得OMT力量全失。 　　Yet even on this point there may be room for compromise by recognising that OMT doeshave effective limits since it would only target bonds between one and three years frommaturity. 　　不過即使是在這一點(diǎn)上仍舊有回旋余地，因?yàn)镺MT專門購買在一到三年之間到期的債券，因此實(shí)際上是有有效限制的。 　　At this level of judicial jousting, realpolitik rather than the strict letter of the law prevails. 　　這種水平的司法角逐之下，現(xiàn)實(shí)政治絕對(duì)勝過法律條文。 　　Though it might be tempting for the ECJ to slap down the constitutional court, Germanyunderpins the euro and the single currency is central to the integrationist project. 　　雖然歐洲法庭可能想借機(jī)打擊憲法法院，德國卻是支撐歐元的重要力量，而單一貨幣是歐洲一體化的核心。 　　A face-saving fudge seems the most likely outcome; the ECJ after all sits in the city thatgave its name to a paragon of the genre, the Luxembourg compromise on EU members voting rights. 　　一通顧全面子的謊話或許是最有可能的結(jié)果。畢竟歐洲法院位于盧森堡， 針對(duì)歐盟成員國投票權(quán)簽署的盧森堡協(xié)議，正是以這個(gè)城市命名的典型。 　　The ECB s formal commitment of September 2023 may have been short, but it was a gooddeal longer than the impromptu vow made by Mario Draghi six weeks earlier to dowhatever it takes to save the euro, which turned out to be OMT. 　　歐洲央行 在2023年九月的承諾雖然簡(jiǎn)短，但是比起馬里奧德拉基在六周前即興發(fā)表的竭盡所能救歐元的誓言可長多了，而那個(gè)誓言最后演變成了OMT。 　　In fact the ECB boss added a crucial and usually omitted rider to his pithy pledge: within ourmandate. 　　實(shí)際上央行老大在他簡(jiǎn)短誓詞中加了一個(gè)常常被忽略的關(guān)鍵詞語：在我們的職責(zé)范圍之內(nèi)。 　　That qualification is now being spelt out by the judges. 　　這個(gè)條件現(xiàn)在被法官們重點(diǎn)強(qiáng)調(diào)。 　　When they have resolved the matter to their satisfaction it seems unlikely that OMT will bequite so mighty a weapon as it appeared to be when it was first unveiled. 　　在他們圓滿解決這個(gè)事情之后，OMT就不太可能像它初次露面時(shí)顯得那樣強(qiáng)大了。 　　詞語解釋 　　1.enough to 足以 　　That s not enough to trigger renewed recession. 　　這個(gè)問題不足以導(dǎo)致美國經(jīng)濟(jì)重新陷入衰退。 　　It tells you enough to get started right away. 　　它告訴你的東西足夠讓你立刻開始使用。 　　2.require to 要求 　　Drain piping may require to be protected against freezing. 　　泄水管要求有防凍保護(hù)措施。 　　These objects require to be quarantined on the spot. 　　這些物品需要進(jìn)行現(xiàn)場(chǎng)檢疫。 　　3.abide by 遵守;信守 　　The rules of the race lay out certain regulations which each musher must abide by. 　　比賽規(guī)則制定了特定的管理辦法，每位駕駛者都必須遵守。 　　In his separation agreement, hurd agreed to abide by section 7 for two years. 　　在赫德的離職協(xié)議里，他同意兩年內(nèi)遵守第七章節(jié)的內(nèi)容。 　　4.insist on 堅(jiān)持，強(qiáng)調(diào) 　　Customize the product or insist on the cookie-cutter model? 　　按客戶的需求定做產(chǎn)品或者堅(jiān)持些模型? 　　I insist on quietness in my room. 　　我要求在我的房間里要安靜。

　　2023復(fù)習(xí)正是強(qiáng)化復(fù)習(xí)階段，在考研英語中占了40分，所以考研英語閱讀是英語科目中重要的一項(xiàng)。名師老師曾建議過考研生需要堅(jiān)持每天泛讀10-15分鐘的英文原刊。強(qiáng)烈推薦了雜志《經(jīng)濟(jì)學(xué)人》.雜志中的文章也是考研英語的主要材料來源.希望考研考生認(rèn)真閱讀，快速提高考研英語閱讀水平。 　　The German courts and the ECB 　　德國法院和歐洲央行 　　It isn t over 　　塵埃未定 　　European monetary policy has not been given thereprieve markets believe 　　市場(chǎng)相信:歐洲貨幣政策還未被宣布死緩 　　AS A working rule, the shorter a statement the more it says. 　　作為一項(xiàng)工作法則，言論越是短小精悍，越是意味無窮。 　　A commitment made by the European Central Bank in September 2023 runs to fewer than500 words, but it was enough to send the bond vigilantes packing. 　　歐洲央行在2023年九月的一項(xiàng)承諾短短不過500字，卻足以讓那些債券治安員卷鋪蓋走人。 　　The ECB promised to make unlimited purchases of the sovereign debt of governments onthe ropes. 　　歐洲央行承諾無限制購買那些陷于困境的政府的主權(quán)債務(wù)。 　　These Outright Monetary Transactions, whose drearyname disguises their punch, proved so potent a deterrent that they never had to bedeployed. 　　這些直接貨幣交易的名字沉悶無趣，卻隱藏著強(qiáng)大的沖擊力。事實(shí)證明，OMT威懾力大到實(shí)質(zhì)上從不需要被調(diào)配。 　　But if quiescent markets were to turn nasty again, requiring OMT to be fired, would thecentral bank be acting within its powers? 　　但如果目前晴空萬里的市場(chǎng)又要風(fēng)波再起，以至于要發(fā)射OMT這枚炮彈，歐洲央行還能夠安于自司其職嗎? 　　For more than a year the German constitutional court in Karlsruhe has been contemplatingthis question. 　　一年多以來，在卡爾斯魯厄的德國憲法法院都對(duì)此問題苦思冥想。 　　Even though the place to decide whether a European body is abiding by European law is inLuxembourg at the European Court of Justice, the court in Karlsruhe insists on its right toexamine whether the acts of a European institution are infringing the German constitution. 　　雖然只有位于盧森堡的歐洲法院才能決定歐體是否遵循歐洲法律，位于卡爾斯魯厄的德國法院仍堅(jiān)持要審查歐洲央行的行為是否侵犯了德國的憲法。 　　The judges finally issued a ruling on February 7th. 　　法官們最終在二月七日作出裁決。 　　The judgment of the majority was far harsher than the yes, but verdict that had originallybeen expected. 　　除去八位中的兩位以此案不應(yīng)被受理為由而有所反對(duì)外，多數(shù)裁決的結(jié)果可比人們?cè)瓉眍A(yù)想中行倒是行，不過的判決書嚴(yán)厲多了。 　　Instead the court found that the central bank had overstepped its mandate and that OMTwas a backdoor to monetary financing of governments, outlawed under European treaties. 　　法院認(rèn)為歐洲央行已經(jīng)越位行職，OMT實(shí)際成為政府貨幣融資的后門，而后者已被被歐盟條約取締。 　　But the markets heaved a collective sigh of relief as they noted that in an unprecedentedmove the court had referred crucial points in the case to the ECJ. 　　不過，在得知德國法院史無前例的將此案中的關(guān)鍵點(diǎn)移交給了歐洲法院后，各大市場(chǎng)都松了口氣。 　　Since the European court is thought of as a champion of European integration, OMT shouldbe safe in its hands. 　　由于歐洲法庭被公認(rèn)為歐洲一體化的擁護(hù)者，在那里OMT應(yīng)該會(huì)相當(dāng)安全。 　　But referring points in the case to the ECJ does not mean deferring to it. 　　但是把案子要點(diǎn)交給歐洲法院并不代表讓它最后拍板。 　　The view that the constitutional court has thrown in the towel is incorrect, says Bruno deWitte, a professor of European Union law at Maastricht University; rather the German judgeshave given their interpretation and are asking the ECJ for its views. 　　憲法法院并沒有自認(rèn)失敗，馬斯特里赫特大學(xué)的布魯諾德維特如是說，這不過是德國的法官們?cè)诮o出自己的解讀之后尋求歐洲法院的觀點(diǎn)而已。 　　They will take these into account when passing their final judgment, based as before onwhether OMT infringes Germany s basic law. 　　他們會(huì)在達(dá)成最后判決之前把這些觀點(diǎn)加以考量，而判決仍舊同之前一樣會(huì)基于OMT是否違反了德國的基本法。 　　If the European court simply upholds the ECB s defence of bond buying, which is that it liessquarely within the central bank s monetary-policy mandate, then that could set the stagefor a clash of the courts. 　　如果歐洲法院簡(jiǎn)單粗暴的支持歐洲央行購買債券的辯解，聲稱這完全在央行的貨幣政策職責(zé)范圍內(nèi)，那么這就為法院之間的沖突拉開了帷幕。 　　Given how harsh its ruling has been, the German court might insist that, notwithstanding afavourable judgment from the ECJ, OMT is incompatible with the constitution. 　　德國法院一向作風(fēng)凌厲，即使歐洲央行做出對(duì)OMT有利的判決，它也許會(huì)堅(jiān)稱OMT與憲法互不相容。 　　Though it could not prevail upon the central bank to revise OMT, the court could try toprevent the German Bundesbank from participating in it. 　　雖然德國法院不能夠凌駕于歐洲央行之上來修改OMT，法院依然能夠阻止德國央行參與其中。 　　Can such a battle between Karlsruhe and Luxembourg be avoided? 　　這場(chǎng)卡爾斯魯厄和盧森堡之間的沖突能夠被避免嗎? 　　In effect the German court sets out its terms for a compromise. 　　實(shí)際上德國法庭已經(jīng)在法律條款上做出了讓步， 　　In the event of a restructuring, it does not want the ECB to be on an equal footing withprivate creditors, accepting losses like them on debt acquired through OMT. 　　在重組方面，它并不想讓歐洲央行像私人債權(quán)人一樣通過從OMT取得債款的方式接受損失。 　　The court also says that the policy should, where possible, avoid interfering with priceformation which may refer to setting targets for bond yields. 　　法庭同時(shí)聲稱政策在可能的情況下都不應(yīng)該干涉價(jià)格形成。 　　These demands could probably be met without defanging OMT. 　　這些要求都能夠在不削弱OMT的情況下被滿足。 　　The third stipulationthat purchases should not be unlimitedmight castrate it. 　　第三個(gè)規(guī)定不能無限制購買可能使得OMT力量全失。 　　Yet even on this point there may be room for compromise by recognising that OMT doeshave effective limits since it would only target bonds between one and three years frommaturity. 　　不過即使是在這一點(diǎn)上仍舊有回旋余地，因?yàn)镺MT專門購買在一到三年之間到期的債券，因此實(shí)際上是有有效限制的。 　　At this level of judicial jousting, realpolitik rather than the strict letter of the law prevails. 　　這種水平的司法角逐之下，現(xiàn)實(shí)政治絕對(duì)勝過法律條文。 　　Though it might be tempting for the ECJ to slap down the constitutional court, Germanyunderpins the euro and the single currency is central to the integrationist project. 　　雖然歐洲法庭可能想借機(jī)打擊憲法法院，德國卻是支撐歐元的重要力量，而單一貨幣是歐洲一體化的核心。 　　A face-saving fudge seems the most likely outcome; the ECJ after all sits in the city thatgave its name to a paragon of the genre, the Luxembourg compromise on EU members voting rights. 　　一通顧全面子的謊話或許是最有可能的結(jié)果。畢竟歐洲法院位于盧森堡， 針對(duì)歐盟成員國投票權(quán)簽署的盧森堡協(xié)議，正是以這個(gè)城市命名的典型。 　　The ECB s formal commitment of September 2023 may have been short, but it was a gooddeal longer than the impromptu vow made by Mario Draghi six weeks earlier to dowhatever it takes to save the euro, which turned out to be OMT. 　　歐洲央行 在2023年九月的承諾雖然簡(jiǎn)短，但是比起馬里奧德拉基在六周前即興發(fā)表的竭盡所能救歐元的誓言可長多了，而那個(gè)誓言最后演變成了OMT。 　　In fact the ECB boss added a crucial and usually omitted rider to his pithy pledge: within ourmandate. 　　實(shí)際上央行老大在他簡(jiǎn)短誓詞中加了一個(gè)常常被忽略的關(guān)鍵詞語：在我們的職責(zé)范圍之內(nèi)。 　　That qualification is now being spelt out by the judges. 　　這個(gè)條件現(xiàn)在被法官們重點(diǎn)強(qiáng)調(diào)。 　　When they have resolved the matter to their satisfaction it seems unlikely that OMT will bequite so mighty a weapon as it appeared to be when it was first unveiled. 　　在他們圓滿解決這個(gè)事情之后，OMT就不太可能像它初次露面時(shí)顯得那樣強(qiáng)大了。 　　詞語解釋 　　1.enough to 足以 　　That s not enough to trigger renewed recession. 　　這個(gè)問題不足以導(dǎo)致美國經(jīng)濟(jì)重新陷入衰退。 　　It tells you enough to get started right away. 　　它告訴你的東西足夠讓你立刻開始使用。 　　2.require to 要求 　　Drain piping may require to be protected against freezing. 　　泄水管要求有防凍保護(hù)措施。 　　These objects require to be quarantined on the spot. 　　這些物品需要進(jìn)行現(xiàn)場(chǎng)檢疫。 　　3.abide by 遵守;信守 　　The rules of the race lay out certain regulations which each musher must abide by. 　　比賽規(guī)則制定了特定的管理辦法，每位駕駛者都必須遵守。 　　In his separation agreement, hurd agreed to abide by section 7 for two years. 　　在赫德的離職協(xié)議里，他同意兩年內(nèi)遵守第七章節(jié)的內(nèi)容。 　　4.insist on 堅(jiān)持，強(qiáng)調(diào) 　　Customize the product or insist on the cookie-cutter model? 　　按客戶的需求定做產(chǎn)品或者堅(jiān)持些模型? 　　I insist on quietness in my room. 　　我要求在我的房間里要安靜。