Vocabulary List

1. economic&monetaryunion – экономический и валютный союз

2. adoption – принятие (резолюции, закона, и т.д.)

v. to adopt

3. a criterion - критерий

pl. criteria

4. an accession - доступ

v. to access

5. to fulfill conditions – выполнить условия

6. to counter - противостоять

7. a single market – единый рынок

8. a benefit - преимущество

adj. beneficial

v. to benefit from

9. to enter into force – вступитьвсилу

10. convergence – конвергенция (сближение, схождение)

11. GDP (GrossDomesticProduct) – ВНП (валовый национальный продукт)

12. purchasing power – покупательная способность

13. internal market – внутренний рынок

syn. domestic

14. finance – финансы, финансовое дело; финансы, доходы, деньги

public finances – государственныефинансы

v. to finance

15. monetarypolicy – кредитно-денежная политика

Notes

1. toenvisage – предвидеть, рассматривать (вопрос)

2. atrackrecord – (прежние) достижения, успехи

3. purchasingpowerparities – паритеты покупательной способности

4. competitive pressure – конкурентное давление

Ex 1.Suggest the Russian equivalents.

European Coal and Steel Community (ECSC), network of relationships, prospective members, the rule of law, the respect for and protection of minorities, a functioning market economy, international currency unrest, in the wake of the oil crisis, the dismantling of internal barriers, the avoidance of excessive deficits, sound public finances, the transfer of monetary policy competence, sustainable convergence, stability-oriented economic policies, domestic prices.

Ex 2. Fill in the gaps with the words & expression from the text.

1. This network of relationships …… over the years.

2. The conditions …… before entering the EU are Copenhagen criteria.

3. ……, the then nine Member States of the EEC created the EMS.

4. Stage One was characterized mainly by …… of a single European market.

5. On 1 January 2002 euro banknotes and coins become …… in the …… countries.

6. The criteria …… to ensure that only countries with …… and a track record in …… are admitted to Stage Three of EMU.

7. The individual countries that now …… were relatively open economies before they joined the euro area.

8. The fact that the euro area has …… economy means that …… of foreign goods have only …… on domestic prices.

9. Consumers andfirms can now …… and find the most …… in the euro area.

10. There is no longer any …… between currencies.

Ex 3. Find in the text the English equivalents for the following:

усилиться и углубиться, принятие соглашения, взять на себя обязательства, установленные законом правила, права человека, идея была возрождена, вступить в силу, свободное движение людей, товаров, капитала и услуг, избежание чрезмерного дефицита, присоединение к еврозоне, сравнимый с, резкие колебания обменных курсов, экономить время и деньги.

Ex 4.Match the term with the appropriate explanation.

GDP, exchange rate, price, convergence, purchasing power, monetary policy

1. The amount of good & services that money can buy at a given time

2. The total market value of goods & services produced within a country during some period, usually one year.

3. The control, by the government, of a country’s currency and its system for lending & borrowing money, especially through the money supply.

4. The amount of money for which an article or commodity can be bought or sold.

5. A process or sequence of transformations aimed at coming to the same condition or level.

6. The price at which one currency can be exchanged for another currency

Ex 5. Answer the questions and do the assignments.

1. What are the prerequisites of the idea of European integration?

2. What stands for the Copenhagen criteria? Why were they set?

3. Why were first plans for an economic and monetary union never realized?

4. What do the three stages towards EMU comprise?

5. What is stipulated by the convergence criteria? What are they aimed for?

6. Give key characteristics of the euro area.

7. Has the introduction of the euro as the single currency brought only benefits for member countries?

Ex 6. Find in the text the words and expressions that characterize or mean:

1. the requirements towards the prospective members of the EU.

2. the idea of an economic and monetary union was revived.

3. Stability-oriented economic policies combined with a good track record in price stability and the central bank’s independence.

4. The EU’s limited dependence on foreign trade

Ex 7. Comment on the following:

1. The individual countries that now comprise the euro area were relatively open economies before they joined it. However, they are now part of a larger, much more self-contained economy.

2. The euro area is more open than either the United States or Japan.

3. EMU is providing an environment of economic and monetary stability all over Europe.

Ex 8. Increase your vocabulary.

1. Study the word combinations with the word “policy”. Use them in the sentences of your own.

• monetarypolicy – денежно-кредитная и валютная политика (монетарная политика)

• environmental (green) policy – политика защиты окружающей среды

• foreign economic policy – внешняя политика

• common policy – единая политика

• socialeconomicpolicy – социально-экономическая политика

• fiscal policy – бюджетно-налоговая политика

Other adjectives: cautious, firm, flexible, prudent, sound, wise, wait-and-see.

Verbs: to adopt, establish, formulate, form, adhere to, follow, pursue, carry out, implement, conduct.

2. Translate the sentences.

1. Наш банк проводит взвешенную кредитную политику.

2. Инвесторы предпочли выжидательную политику из-за боязни кризиса.

3. Единая политика Евросоюза направлена на экономическое объединение его членов.

4. Внешняя политика государства должна быть достаточно гибкой.

5. Давайте сформулируем основные принципы нашей бюджетно-налоговой политики: она должна быть взвешенной, продуманной, и при этом достаточно жесткой.

6. Проведение осторожной политики по отношению к конкурентам позволило компании удержаться на рынке.