UN senior advisor envisions three-pillar monetary system
PARIS, Jan. 6 (Xinhua) -- Jeffrey Sachs, special advisor 1 for UN Secretary General(秘书长), envisioned Thursday a three-pillar monetary 2 system in place of U.S. dollar dominance in post-crisis world at an economic forum 3 in Paris.
"We can't go to a global reserve just the way that Europe can barely work with Europe reserve, we'll have multiple pillars, what's missing now is an Asian pillar in a world where Asia more being an economic center of priorities," the Columbia University professor said when commenting on international monetary system reforms.
France, the country just took over bi-presidency of G8 and G20, hosted state ministers, prestigious（有名望的） economists 5 and business leaders at a forum under the theme of "new world, new capitalism 6" to talk about future economic policies, reform of the international monetary system and growth and stability in the Mediterranean 7 region.
The UN advisor said the current economic crisis hitting many developed world resulted from the failures of financial regulation, "If you let your banking 8 sector 9 taking a lot of money out of regulation, in various ways, you end up with crises, and this crisis was about banking regulation and U.S. monetary policy."U.S. dollar's role as the single global reserve currency didn't have direct link with present European debt crisis as it's a crisis of "credit link" instead of "monetary links", Sachs noted 10 but meanwhile underlined this role has made "reserves going up all over the world" because "you are pegging 11 to the dollar" and "the Fed is very expansionary.""What's missing is that the countries have a choice off the dollar. The euro is in crisis,but it will get out of the crisis, I believe, so the euro will be a good robust 12 alternative, but there is no Asian alternative right now, so what I believe where really ahead is RMB or some kind of Asian cooperative arrangement will be the third pillar of the system," he said.
The U.S. economist 4 showed much optimism in a three-pillar system, reckoning it useful to cater 13 for different needs. "If you are an outside country of that, and U.S. continues to be very irresponsible about the currency policy, you'll move more close to Renminbi, euro and other bases, and the ability of the Fed to determine the monetary policy of so many countries will certainly diminish along with the weight of the U.S. in the world, " he concluded.
The two-day economic forum was opened by French Prime Minister Francois Fillon and his Greek counterpart George Papandreou. Other senior policy makers 14 attending the forum included the French Economy Minister Christine Lagarde,UK Chancellor 15 of the Exchequer 16, George Osborne, Chilean Finance Minister Felipe Larrain,Italian Finance Minister Giulio Tremonti and Polish Finance Minister Jacek Rostowski.(本文由在线英语听力室整理编辑)
- They employed me as an advisor.他们聘请我当顾问。
- The professor is engaged as a technical advisor.这位教授被聘请为技术顾问。
- The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
- Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。
- They're holding a forum on new ways of teaching history.他们正在举行历史教学讨论会。
- The organisation would provide a forum where problems could be discussed.这个组织将提供一个可以讨论问题的平台。
- He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
- He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。
- The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
- Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》
- The essence of his argument is that capitalism cannot succeed.他的论点的核心是资本主义不能成功。
- Capitalism began to develop in Russia in the 19th century.十九世纪资本主义在俄国开始发展。
- The houses are Mediterranean in character.这些房子都属地中海风格。
- Gibraltar is the key to the Mediterranean.直布罗陀是地中海的要冲。
- John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
- He possesses an extensive knowledge of banking.他具有广博的银行业务知识。
- The export sector will aid the economic recovery. 出口产业将促进经济复苏。
- The enemy have attacked the British sector.敌人已进攻英国防区。
- The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
- Jim is noted for arriving late for work.吉姆上班迟到出了名。
- To write a novel,one must keep pegging away at it consistently. 要写小说，必须不断辛勤劳动。 来自《简明英汉词典》
- She was pegging the clothes out on the line to dry. 她正在把衣服夹在晒衣绳上晾干。 来自辞典例句
- She is too tall and robust.她个子太高，身体太壮。
- China wants to keep growth robust to reduce poverty and avoid job losses,AP commented.美联社评论道，中国希望保持经济强势增长，以减少贫困和失业状况。
- I expect he will be able to cater for your particular needs.我预计他能满足你的特殊需要。
- Most schools cater for children of different abilities.大多数学校能够满足具有不同天资的儿童的需要。
- The makers of the product assured us that there had been no sacrifice of quality. 这一产品的制造商向我们保证说他们没有牺牲质量。
- The makers are about to launch out a new product. 制造商们马上要生产一种新产品。 来自《简明英汉词典》
- They submitted their reports to the Chancellor yesterday.他们昨天向财政大臣递交了报告。
- He was regarded as the most successful Chancellor of modern times.他被认为是现代最成功的财政大臣。