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US, Japan Offer Lessons as Eurozone Launches Huge Stimulus
LONDON— The Euro currency has fallen sharply after the European Central Bank announced a bigger-than-expected $67 billion-a-month quantitative easing program Thursday — commonly seen as a form of printing new money.
The European Central Bank’s bold move was prompted by alarming figures showing 0.2 percent deflation in the Eurozone last quarter — raising the prospect that people would stop spending in the expectation that prices would fall.
So will quantitative easing, or QE, rescue Europe’s economy? Unlikely, says Christian Odendahl, chief economist at the Center for European Reform in London.
“The problem is that the ECB has waited relatively long before it’s considering this relatively bold step. And part of QE is changing people’s expectation for the better. And expectations in the eurozone have deteriorated quite a bit," said Odendahl.
Even the $1.3 trillion QE program might not be enough to change that, says Kathleen Brooks of foreign exchange bank Forex.com.
“One thing we have seen, certainly in the U.S.'s example, but also in Japan's example, is that it takes a hell of a lot of money to make QE have an economic impact," said Brooks.
The United States’ QE program offers other lessons, said Odendahl.
“One is it works best if you are bold right from the start. That is the kind of announcement effect, the shock-and-awe effect, that markets truly believe that now a change is coming," he said.
There are added political risks to quantitative easing in the eurozone, said Brooks.
“If your central bank is buying up the assets of various member states, then all of a sudden Germany, in particular — they've got the biggest economy in the eurozone — could be liable if those states don't pay back the central bank," he said.
German Chancellor Angela Merkel gave a lukewarm reception to the ECB’s program at the World Economic Forum in Davos on Thursday.
"It is now time to cleanse and consolidate the finances, now that the interest rates are low," said Merkel.
Japan suffered a "lost decade" of low inflation and low growth — from which it’s only recently showed signs of emerging. William Saito, senior adviser to Japanese Prime Minister Shinzo Abe, said the comparison has limits.
“In the case of ECB and Europe, you have a good case of Japan to learn from. From Europe, which I think is fundamentally different from Japan, is that for many, many different countries put together with different ways of thinking," said Saito.
Those differences could be underlined Sunday in the epicenter of the European financial crisis: Greece. The far left Syriza party has brought thousands of supporters onto the streets during the election campaign, on a platform of opposition to German-led austerity.
詞匯解析
reaction
難度：3星常用詞匯，屬常用6000詞
英漢解釋
n.反應(yīng)；生理反應(yīng)；反應(yīng)能力；復舊；反動；化學反應(yīng)
參考例句
用作名詞 (n.)
Her arrest produced an immediate reaction from the press.
她被捕的事立刻在新聞界引起反應(yīng)。
After all the excitement there was an inevitable reaction.
熱鬧一番過后,生活沉悶如故。
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journalist
難度：1星暢通詞匯，屬常用20000詞
英漢解釋
n.記者；新聞工作者
參考例句
用作名詞 (n.)
This journalist's works are popular among young people.
這位新聞記者的著作很受年輕人的歡迎。
His passport says he is a journalist.
他的護照說他是一個新聞工作者。
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stock
難度：5星基本詞匯，屬常用1000詞
英漢解釋
n.存貨；儲備；樹干；股票；股份；家畜；血統(tǒng)；湯汁；聲望
v.采購；儲存；供給；發(fā)新芽
adj.慣用的；存貨的
參考例句
用作名詞 (n.)
We have a large stock of tinned fruit.
我們有大批水果罐頭的存貨。
用作動詞 (v.)
We must stock up with food for the holiday.
我們必須采購一些食品以備假期之需。
用作形容詞 (adj.)
She's tired of her husband's stock jokes.
她已聽厭了丈夫那老一套的俏皮話。
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observer
難度：2星擴展詞匯，屬常用10000詞
英漢解釋
n.觀察者
參考例句
用作名詞 (n.)
Each observer's prediction has been borne out.
每個觀察者的預料已被證實了。
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funeral
難度：3星常用詞匯，屬常用6000詞
英漢解釋
adj.葬禮(的)
n.葬禮
參考例句
用作形容詞 (adj.)
Their cars headed the funeral procession.
他們的車隊在葬禮隊伍的最前面。
用作名詞 (n.)
They held a state funeral in honour of the statesman.
他們?yōu)檫@位政治家舉行了國葬。
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community
難度：4星核心詞匯，屬常用3000詞
英漢解釋
n.社區(qū)；社會；公眾；共同體；團體；共享；共有；[生]群落
參考例句
用作名詞 (n.)
Community colleges have become popular and their enrollments have increased rapidly.
社區(qū)大學日漸增多，報名人數(shù)迅速增長。
The political community is composed of a number of diverse economic and functional groups.
政治共同體由一系列在經(jīng)濟上和功能上不同的團體組成。
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demand
難度：4星核心詞匯，屬常用3000詞
英漢解釋
n.要求；需求
v.要求；查問；需要
參考例句
用作名詞 (n.)
The demand for coal begins to slacken off in the spring.
煤的需求在春天開始減少。
用作動詞 (v.)
All these questions demand careful and detailed study.
這些都需要認真具體的研究。
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