2014.03.19【英译汉】The departure of Cyprus's central-bank governor

ydyinglluk (Erin) 译坛新秀
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发表于:2014-03-19 15:32 [只看楼主] [划词开启]

The departure of Cyprus's central-bank governor


A blow against independence


Mar 10th 2014, 22:24 by P.W. |LONDON

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TODAY’s resignation by Panicos Demetriades, the governor ofCyprus’s central bank, sets a worrying precedent in the euro zone. The Central Bank of Cyprus (CBC) has not issued a statement explaining the decision but it was no secret that relations between Mr Demetriades and the country’s president, Nicos Anastasiades, after he came to power early last year were not just poor but non-existent. When things go as badly wrong as they have done inCyprus, the blame game gets going in earnest and the governor came in for his share of it.


Mr Demetriades may have made mistakes but the real damage to the Cypriot banks through their exposure toGreeceincluding heavy losses on Greek government debt when it was restructured in early 2012 predated Mr Demetriades’s arrival since he took office in May 2012. So did the attendant failure of supervisory judgment on the part of the CBC. An independent commission that examined the causes of the Cypriot banking crisis said last year: “Although many of the necessary powers and processes existed in the CBC to supervise the banks and ensure that they were operating prudently, the record shows that banks were able to proceed without serious regulatory challenge until it was too late.”

Even so the Cypriot central bank was not alone in doing a poor job as supervisor in the period before the financial crisis. There were also spectacular misjudgments elsewhere, notably inBritain(by the now abolished Financial Services Authority) and in theUnited States.


The fact that Mr Demetriades is leaving almost exactly a year after the disastrous events of March 2013 may or may not be a coincidence. Those events saw banks closed for nearly two weeks and the imposition of capital controls after the controversial decision to raid big deposits to meet banking losses and to stump up for recapitalisation (and the even more controversial but quickly dropped idea of raiding small deposits as well). 支付资本重组的费用(还有更受争议但很快被叫停的小额存款税的计划They continue to reverberate as Bank of Cyprus, the country’s biggest bank, remains in a dire state, which in turn casts a shadow overCyprusmanaging to find a way out of a wrenching recession.


Cyprus’s continuing plight may have contributed to Mr Demetriades’s early departure, but it is nonetheless a brutal reminder of the realities of power. Central banks are supposed to be independent inEuropeand the European Central Bank (ECB) prides itself on its extraordinary autonomy. When the ECB’s 24-strong governing council meets, the 18 central-bank governors as well as the six-strong executive board are supposed to eschew national interests and to determine monetary policy for the euro zone as a whole. And, from November, when the ECB takes formal control of euro-zone supervision, the council will also have the final say on supervisory judgments about national banks that may have big fiscal consequences for the states in which they are based, if they require recapitalisation.对那些可能对所在成员国有重大财务影响的国内银行,如果他们要求资本重组的话,欧洲央行理事会同样拥有最终的监管话语权。


But, whatever their notional independence, central-bank governors are appointed by national governments. And if tensions turn into outright conflict, the position of governors can become untenable. The fact that this appears to have happened in Cyprus, even though in many ways it is a special case, will raise concern that similar pressures may be exerted elsewhere, not only damaging the image of the ECB but also undermining its capacity to act in the interests in the euro zone as a whole.



@heyjude1943 @如雪肃杀 @myAnne123 @Medical20 @指尖流苏 @me陈丽雯 @孤单羽毛 @ziquan50 

最后编辑于:2014-03-21 09:07
分类: 英语
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