Контрольная работа №1(Вариант 2)

Task 1. Read and translate text 1 and use the information from the text to answer the questions about your Master’s program. Write your answers using the vocabulary in bald from text 1.

1. What is Bologna process? What is its purpose?

2. When did Russia join the Bologna process?

3. What is your first degree?

4. What is the name of your Master’s degree? What is your field of study?

5. What is the type of your Master’s degree?

6. How long is your Master’s program?

7. Do you have to write a thesis?

8. Which disciplines are included in the syllabus of your Master’s program?

9. Why did you decide to enroll on your Master’s program?

Task 2. Read the text and translate the paragraphs and phrases in bold into Russian

The European Central Bank

The infant European Central Bank (ECB) has been bullied by almost everybody in its 14 months in the monetary playground. It has been widely criticized for its lack of transparency and accountability, and for a flawed system of financial supervision. A new report published by the Centre of Economic Policy Research agrees with most of the criticisms, but rejects the popularly prescribed remedies.

The ECB is certainly less transparent than the Bank of England, which has been set a clear inflation target by the chancellor of the exchequer, and publishes minutes of policy meetings and the voting records of individual members of its Monetary Policy Committee. The ECB, in contrast, sets its own target. Indeed, it has set itself two targets: for monetary growth and for inflation. Since these targets can conflict, it is hard for the markets to understand how the ECB reaches its decisions. The bank’s refusal to publish voting records or minutes clouds matters further.

To increase transparency, most outsiders have urged the ECB to publish votes and minutes. But the authors of the CEPR report argue that, under its current set-up, the ECB is wise not to. Attributing votes and opinions to members from different countries would increase the focus on national differences, and so undermine the bank’s credibility.

Blueprints developed at other central banks may not work at the ECB, because there is a tension within Europe between the desire for more integration and a reluctance to cede national political control. The CEPR report considers ways to reduce this tension. First, the ECB should be set an explicit inflation target by the European Parliament, so there can be no disagreement about the goal of monetary policy. Second, it recommends that the power of the executive board be increased relative to that of national central bank governors, who are more likely to be influenced by national interests. At the moment, all 11 governors can vote, outweighing the six-member executive board. Better, perhaps, if only 5, say, were allowed to vote at any time, with revolting terms- like the arrangements for district bank presidents in America’s Federal Reserve System.

The same tension between European integration and national control also poses problems for bank supervision. Banks are likely to become more pan-European as the single currency encourages cross-border mergers and greater cross-border exposures. A failure in one country could thus spill more quickly to other parts of Europe. Unfortunately, the existing framework is ill-equipped to handle a Europe-wide banking crisis, because supervision remains in the hands of national regulators. For its part, the ECB may not have enough information in a crisis, and it would find it hard to co-ordinate the activities of national regulators.

From an economic point of view, it would be best if bank supervision were centralized, either under the ECB or in a new, independent European regulator. However, the report argues that centralization is not politically feasible in the near future, as it would require governments to relinquish national control and deprive some central banks of one of their only remaining functions. Instead, it suggests the exact opposite: a truly decentralized approach, shifting the role of monitoring banks to the market by setting Europe-wide full disclosure rules. The idea, based partly on the “New Zealand” model, is that by increasing information about the riskiness of banks, this would increase their incentives to act prudently and so reduce the risk of failure.

Fuller disclosure needs to be supported by measures to reduce the contagion effect of a failure by, for example, reducing uncollaterised interbank exposures among European banks. It would still need the backing of a lender of last resort, but a market-oriented reform might make banks better able to cope with trouble.

Task 3. Answer the following question, using information from the text.

1. What was the ECB criticised for?

2. What is the difference between the Bank of England and the ECB?

3. Why is it hard for the markets to understand how the ECB reaches its decisions?

4. Why should the ECB increase its transparency

5. How, in the view of many critics, should it increase its transparency?

6. What do the authors of the CERP report think of the measures designed to increase its transparency?

7. What is the tension existing within Europe caused by?

8. How could this tension be reduced?

9. How does the tension between European integration and national control affect bank supervision?

10. What can be done instead of centralization to improve bank supervision?

11. What are the aspects of the so-called disclosure?

Task 4. Write all possible root words of the following words from the text and translate them into Russian.

Accountability, credibility, political, supervision, disagreement.

Task 5. Choose the right tense form of the verb.

In the 70s and 80s, most managers (1) expected / have expected to continue working until retirement at sixty or sixty-five. But now, the situation (2) changed / is changing. Since the beginning of the 90s, many managers in their forties and fifties (3) lost / have lost their jobs.

Sometimes the reason for making managers redundant is a company buy-out or restructuring. Also, the recession of the late 1980s and early 1990s (4) caused / has caused many redundancies. But it is also true that fixed-term contracts (5) becomes / are becoming more popular, and many companies (6) prefer / are preferring younger managers.

The result is that large numbers of unemployed managers (7) are still looking / still look for work now. And, for those who are over fifty years old, it’s not certain that they (8) are finding / will find full-time employment again.

What can a manager (9) does / do in this situation? One important lesson is that every manager must be ready for change. You know that you (10) go / are going to the office tomorrow morning, but you can’t be certain that your job (11) will exist / is existing a year from now.

Task 6. Complete the sentences using the information below.

1. Renate … in 1969. 2. … from 1989 to 1995. 3. In 1996 …. 4. Since 1998 …. 5. … since February 2000. 6. Pierrre … in 1955. 7. From 1976 to 1982 …. 8. After this … from 1982 to 1990. 9. In 1990 … Biofoods. 10. … head of Export Sales in Basle since 1994.

Biofoods International, HQ, Basle, Switzerland Export department staff for the current year Renate b. 1969, Karlsruhe, Germany; 1989-1995 Economics and Computing, Univ. Munich; 1996 joined Biofoods as computer operator; 1998 trainee manager; February 2000 responsible for Southern Europe. Pierre b. 1955, Amience, France; 1976-1982 electrical engineering Univ. Nates; 1983-1990 General Electronics San Diego, USA; 1990 joined Biofoods France; head of Export Sales in Basle since 1994

Task 7. Put the verbs in brackets in the right tense form Present Simple, Present Continuous, Future Simple, Future Continuous, Future Perfect или Future Perfect Continuous.

1. Will you be able to find out when the first plane to Paris … (leave)? 2. Tomorrow, I … (ask) the boss for a rise and that’s definite! 3. By the time I retire, I … (work) here for 10,000 working days. 4. She … (fly) to Spain on Tuesday to meet our clients in Seville. 5. I … (put) the documents in the post to you first thing tomorrow. 6. Please, don’t disturb me for the next half hour, I … (phone) Tokyo. 7. Excuse me, Mr. Grey, when … you … (write) to our Chinese clients? 8. While you … (be) in Stockholm, … you … (see)Mr. Olsson? 9. Don’t worry, I’m sure the spare parts … (arrive) soon.

Task 8. Put the sentences in the Passive Voice. Translate the sentences into Russian.

1. The corporation’s sales and service organization covers the country. – The country …. 2. We enclose payment together with our order. – Payment …. 3. The customer will receive the delivery on Friday. – The delivery …. 4. They had notified him before the invoice arrived. – He …. 5. FCS are only marketing their new dental equipment in Europe. – FCE’s new dental equipment …. 6. They have enlarged the premises since my last visit. – The premises …. 7. According to a recent report the group is making similar investments in other parts of the world. – Similar investments …. 8. The clerk finally found the notes under the filing cabinet. – The notes …. 9. We will produce the components at our French factory. – The components …. 10. We will reduce costs if we use less paper. – The costs …

Task 9. Put the sentences into the Active Voice.

1. The first fax machines were installed in 1988. – The firm …. 2. Further modifications will be made to this service to other customers. – The suppliers …. 3. The systems are easily operated by ordinary office staff. – Ordinary office staff …. 4. The new software can be mastered easily in a couple of days. – You …. 5. Increased productivity has been achieved by using better trained staff. – Using better trained staff …. 6. The invoices are now sent out a week earlier. – The department …. 7. Better results can only be achieved if you work harder. – You …. 8. The new note-taking method will be introduced in our office. – We …. 9. He wasn’t warned about the dangers of not co-operating with the personnel manager. – I …. 10. All relevant information about the meeting was supplied in advance. – The organizers ….