2024.01.22 外刊双语精读 欧元预算：去哪找钱呢？.docx

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1.22每日一篇双语精读

Euro-budgets：Howtofundit

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Europeisstrugglingtofindthemoney

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【1】TheEU’s?27?membershavespentfreelysinceearly?2020?tosupporttheireconomiesand?citizens?throughaglobal?pandemic,awarontheir?doorstep?andanenergy-price?surge.Backin?2020?richernorthernEUmembers?reluctantly?signeduptoadebt-funded?recoveryfundworth€806bn($880bn,some?5%ofEUGDPin?2022)thatmostly?benefits?thesouthandeastoftheunion.Buthighinterestrateshave?bent?theseplansoutofshape.

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【2】Ata?summit?onDecember?14thand?15thallcountriesbaronereachedanagreementonhowtotopuptheEUbudgettopayformorefinancialsupportforUkraine(apotof€50bnoverthenextfouryears),aswellashigherinterestratesonEUdebtandextrasupportforcountriesfacinga?surge?inthearrivalof?refugees.The?compromise?wasless?generous?thantheEuropean?commission,the?bloc’s?executive?arm,hadhopedfor,butitwasenoughtowinalmosteveryone’sagreement.

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【3】Thelone?opposition?camefromViktorOrban,theprimeministerofHungary.Hehadjustgivenhis?tacit?agreementtoopeningmembershiptalkswithUkraine,aftertheEU?released?€10bnoffundsearmarkedforHungarythathaduntilthenbeen?frozen?asa?punishment?forhisrule-of-law?abuses.Hispriceforapprovingthelarger?fiscal?packageisprobablyfortheEUto?unblock?Hungary’sremainingandstill-frozen?€20bn.Buthis?leverage?is?limited.Ideasbeing?floated?togetaroundhis?veto?includeusingtheEuropeanStabilityMechanism(ESM),theeuro?zone’s?bail-outfundwhichhasplentyofspare?capacity.IfMrOrban’s?bluff?iscalledearlynextyear,hemaywellfold.

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【4】Financeministers,meanwhile,arestilltryingtosortoutadifferent?fiscal?mess.Theeuro?zone’s?byzantine?deficit?ruleswerebarely?workable?beforethecovid-19?pandemic.Theyweretoocomplex,putoverly?onerous?demandsonhighly?indebted?countriesandledto?procyclical?budgetcutswithoutmakingmuch