CATTI三级笔译实务练习：多边合作.docxVIP

Word文档下载后（可任意编辑） 第 第 PAGE 1 页 共 NUMPAGES 1 页 CATTI三级笔译实务练习：多边合作  翻译资格考试：CATTI三级笔译实务练习：多边合作  翻译资格精选课程推荐  多边合作是解决全球金融失衡的关键所在  英译汉  Multilateral Cooperation Is Key to Resolving Global Financial Imbalances  The current surge in private capital flows has occurred in the midst of much-improved domestic policies and global financial conditions compared with those that prevailed during the capital flows surge of the l990s. 1 This time around, governments have so far generally managed to avoid excessive expansion of aggregate demand, large current-account deficits, and sharp appreciations of the real exchange rate. However, the policy agenda for managing capital flows is broad and complex, and considerable challenges remain.  Progress has been made in simplifying the very complex web of capital controls and exchange rate restrictions imposed by many countries. 2 But the gradual opening of capital accounts must be accompanied by a further strengthening of macroeconomic policies, the development of local capital markets and the institutions needed to regulate them, and the establishment of a system of risk management robust enough to respond to the needs of a more flexible exchange rate and open capital account. 3 Liberalization of the capital account once implemented is difficult to reverse. A return to capital controls should be seen only as a policy of last resort, to be used to dampen excessive exchange rate volatility or to moderate large inflows of capital when other policies, such as interest rates and intervention in foreign exchange markets, prove fruitless.  Despite the considerable improvement in policies in recent years, the surge in capital flows still presents substantial risks to developing countries. Future risks to economic and financial stability will likely take a different form and character4 than those encountered in the past - and may expose institutional and macroeconomic weaknesses that cannot be anticipated