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A couple of years ago, the eurozone – about one-sixth of the world economy – appeared to be in serious trouble. Beginning in 2010, an unexpected sovereign debt crisis contributed to and was compounded by serious weaknesses in major banks. Fiscal austerity, in Greece and other relatively weak countries, helped fuel an overall economic (1) . In the absence of (2) mutual support, there was an aura of last-ditch desperation when, in March 2015, the European Central Bank announced an (3) program of purchasing government debt.
Just over two years later, the situation looks much more positive. The latest International Monetary Fund forecast projects 1.7% growth for the eurozone as a whole in 2017, and 1.6% growth in 2018 – a remarkable improvement from a few years ago, when the region struggled to break 1%.Recent solvency concerns for some smaller banks in Italy and Spain were handled without causing any significant (4) . And, at a just-concluded ECB conference that I attended, there was even some discussion of when the ECB could scale back its (5) and perhaps begin to raise interest rates. (All the sessions were on the record and live webcast.)
The immediate macroeconomic picture remains somewhat murky. On the morning of June 27, financial markets thought ECB President Mario Draghi spoke more positively on growth than in the recent past, and the value of the euro (6) significantly. By the next morning, senior ECB officials were (7) as saying that Draghi’s remarks had been overinterpreted – and the euro fell.
The real question is what comes next, and this was the theme of the conference: what should we expect in terms of Europe’s medium-term growth (8) ? In particular, as long as interest rates remain low, the current level of government debt in countries such as Italy remains (9) . But as interest rates rise, will there be sufficient growth to sustain the expectation that public debt levels are (10) ?
- 1) downturn
2) betterment
3) improvement
4) continuity
5) perpetuationAnswer – 1)
Explanation: downturn – a decline in economic, business, or other activity. - 1) continuance
2) increase
3) generous
4) greedy
5) stingyAnswer – 3)
Explanation: generous – showing a readiness to give more of something, especially money, than is strictly necessary or expected. - 1) protraction
2) slight
3) scorn
4) ambitious
5) discardAnswer – 4)
Explanation: ambitious – having or showing a strong desire and determination to succeed. - 1) disregard
2) neglect
3) prolonging
4) assiduity
5) disruptionAnswer – 5)
Explanation: disruption – disturbance or problems which interrupt an event, activity, or process. - 1) propagation
2) interventions
3) augmenting
4) endurance
5) extensionAnswer – 2)
Explanation: interventions – the action or process of intervening. - 1) lenient
2) enduring
3) strengthened
4) persisting
5) prolongationAnswer – 3)
Explanation: strengthened – make or become stronger. - 1) bending
2) quoted
3) perpetuating
4) postscript
5) pliableAnswer – 2)
Explanation: quoted – repeat or copy out (words from a text or speech written or spoken by another person). - 1) potential
2) acknowledgment3) indication4) utterance
5) dissuadeAnswer – 1)
Explanation: potential – having or showing the capacity to develop into something in the future. - 1) deter
2) depress
3) manageable
4) allusion
5) citationAnswer – 3)
Explanation: manageable – able to be controlled or dealt with without difficulty. - 1) recognition
2) reference
3) deject
4) dampen
5) sustainableAnswer – 5)
Explanation: sustainable – able to be maintained at a certain rate or level.
