KitaeCho
New member
- Joined
- Aug 8, 2012
- Member Type
- Student or Learner
- Native Language
- Korean
- Home Country
- South Korea
- Current Location
- South Korea
Hi, I was reading an article about European Sovereign-debt Crisis on Wikipedia, and those two red-lettered(?) sentences really got me confused.
The structure of the Eurozone as a monetary union (i.e., one currency) without fiscal union (e.g., different tax and public pension rules) contributed to the crisis and impacted the ability of European leaders to respond. European banks own a significant amount of sovereign debt, such that concerns regarding the solvency of banking systems or sovereigns are negatively reinforcing.
--my guess--> Since the solvency of banking systems or sovereigns are not good, those who own a significant amount of sovereign debt are in a big trouble.
QUESTION: I especially don't get what "...such that concerns regarding..." means.
To address the deeper roots of economic imbalances most EU countries agreed on adopting the Euro Plus Pact, consisting of political reforms to improve fiscal strength and competitiveness. This has forced weaker countries to draw up ever more austerity measures to bring down national deficits and debt levels. Such non-Keynesian policies have been criticized by various economists, many of which called for a new growth strategy based on additional public investments, financed by growth-friendly taxes on property, land, wealth, and financial institutions, most prominently a new EU Financial Transaction Tax.
--my guess--> Euro Plus Pact forced weaker countries to take measures which decreases the government expenses, to lower national deficits and debt levels.
QUESTION: 1. What does "...draw up ever more.." mean?
2. Can "draw up ever" be replaced with "draw up even?"
Thanks!
The structure of the Eurozone as a monetary union (i.e., one currency) without fiscal union (e.g., different tax and public pension rules) contributed to the crisis and impacted the ability of European leaders to respond. European banks own a significant amount of sovereign debt, such that concerns regarding the solvency of banking systems or sovereigns are negatively reinforcing.
--my guess--> Since the solvency of banking systems or sovereigns are not good, those who own a significant amount of sovereign debt are in a big trouble.
QUESTION: I especially don't get what "...such that concerns regarding..." means.
To address the deeper roots of economic imbalances most EU countries agreed on adopting the Euro Plus Pact, consisting of political reforms to improve fiscal strength and competitiveness. This has forced weaker countries to draw up ever more austerity measures to bring down national deficits and debt levels. Such non-Keynesian policies have been criticized by various economists, many of which called for a new growth strategy based on additional public investments, financed by growth-friendly taxes on property, land, wealth, and financial institutions, most prominently a new EU Financial Transaction Tax.
--my guess--> Euro Plus Pact forced weaker countries to take measures which decreases the government expenses, to lower national deficits and debt levels.
QUESTION: 1. What does "...draw up ever more.." mean?
2. Can "draw up ever" be replaced with "draw up even?"
Thanks!
