Now is not the time to relax efforts to support the world economy, Tim Geithner said yesterday as he called on international leaders to lay a new path for global growth less reliant on the US consumer.
美国财政部长蒂姆盖特纳(Tim Geithner)昨日表示，在支持世界经济方面，现在不是放松努力的时候。他呼吁各国领导人开辟一条不那么依赖美国消费者的全球增长新道路。
Speaking ahead of this weekend’s meeting of global finance ministers in Washington, the US Treasury secretary said “one of the big mistakes countries make in crises is that they step on the brakes too early or ease up on the accelerator too early at the first signs of progress”.
在本周末在华盛顿召开各国财政部长会议前夕，盖特纳表示，“危机期间，国家可能犯下的最大错误之一，就是一看到初步进展迹象，就过早踩下刹车，或者过早把脚从油门移开”。
He warned that this crisis was “not simply a more severe version of the usual business cycle recession” in which economies “ultimately adjust and stabilise”. Rather, it was “an abrupt correction of financial excesses” that had overwhelmed the self-correcting mechanisms of markets” and could only be ended by “extraordinary policy responses”.
他警告称，此次危机“不只是寻常商业周期衰退的一个更严重版本”，各经济体“最终能够调整并企稳”。相反，这是一次“对金融过度行为的突然纠正”，已经压垮了市场的自我纠正机制，只能借助“非同寻常的政策回应”来终结。
These included “very strong actions to increase demand through fiscal actions”; a “sustained effort to repair the financial system”; and “mobilisation of resources to help directly address the challenges facing emerging and developing economies”.
这些政策回应包括“通过财政行动来增加需求的非常强有力的行动”；一种“修复金融体系的持续努力”；以及“动员资源，帮助直接应对新兴和发展中经济体所面对的挑战”。
Mr Geithner told the Economic Club of Washington there could be no going back to the growth model of the mid-2000s, with its heavy reliance on debt-fuelled private consumption in the US and a handful of similar economies such as the UK.
盖特纳在华盛顿经济俱乐部(Economic Club of Washington)发表讲话时表示，世界不可能再回到2005年前后的增长模式，即严重依赖美国以及英国等少数几个类似经济体靠举债推动的私人消费。
“A major lesson of the crisis is that the remarkable overall performance of the global economy between 2003 and 2007 contained within it the seeds of its own undoing,” he said.
“此次危机的一个重大教训是，全球经济在2003年至2007年间的优秀总体表现，蕴含着葬送这种繁荣的种子，”他表示。
From now on, policymakers would have to pay attention to “the composition and quality of growth within and across nations”.
今后，政策制定者将必须关注“各国内部乃至全球整体增长的构成与质量”。
He added: “We must set ourselves on a path so that one country or group of countries does not consume in excess while another set of countries produces in excess.”
他补充称：“我们必须走上这样一条道路，即一个或一组国家不会在另一组国家生产过剩的情况下过度消费。”
Mr Geithner said the second element of a more sustainable future model for global growth was reform of financial regulation “to limit risk-taking and improve our capacity to prevent and manage future crises”. The aim was “to promote a race to the top in global regulatory standards and supervisory practices”.
盖特纳表示，更具可持续性的未来全球增长模式的第二个元素是，改革金融监管“以限制冒险行为，改善我们防范和管理未来危机的能力”。其宗旨是“鼓励提高全球监管标准和监管实践水平”。
The final “critically important” component for a sustainable recovery, he said, was a firm commitment to bring down government budget deficits in the medium term “so that recovery is not impaired by concerns about excessive borrowing in the future”.
他表示，可持续复苏的最后一个“至关重要的”元素是，坚决致力于在中期内减少政府预算赤字，“使复苏不致受到对于未来过度借贷的忧虑的影响”。
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