Task 13 Translate the following phrases into English.
| 1. валютно-финансовые учреждения |
| 2. В результате программы, поддерживаемые ресурсами МВФ, в странах с 3. формирующиеся рынки |
| 4. укрепить партнерские отношения с всемирным банком |
| 5. Постановлением 2010 года о Валютно-финансовом управлении (“Autoriti Monetari”) Брунея-Даруссалама это 6. разработать и осуществить валютно-финансовою политику |
| 7. Эта схема предусматривает формирование основных денежно-кредитных агрегатов на основе бухгалтерских данных об операциях и запасах Национального 8. денежно-кредитные обязательства |
| 9. укреплять стратегии устойчивого и справедливого развития |
| 10. перестроить механизмы и институты глобального экономического регулирования на основе уроков, извлеченных из финансового кризиса |
| 11. способствовать развитию международного сотрудничества |
| 12. дальнейшее использование экспертной технической помощи по ключевым направлениям деятельности |
| 13. ключевые компоненты, которые будут особенно актуальны на саммите G20 во Франции |
| 14. выполнять обязательства по осуществлению соглашений с международными финансовыми институтами |
| 15. Более того, Председатель совершил поездки и встретился с представителями нескольких потенциальных стран-доноров и 16. в рамках непрекращающихся усилий по повышению осведомленности в отношении проблем в области мирного урегулирования |
| 17. тяжесть финансовых потрясений |
| 18. большее [...] сотрудничество и согласованность действий между торговыми, валютными, финансовыми, социальными и природоохранными учреждениями |
| 19. недостатки универсального шаблонного подхода |
GRAMMAR
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Grammar notes: The Genitive Case
The Genitive case can express the idea of belonging in a very general sense (John’s car), relations of the whole to its parts (Sandra’s arm), Personal or social relations (Jack’s wife), the doer of the action (John’s actions), authorship (Shakespeare’s tragedy). The genitive case can also express the idea of quality (a mile’s distance = for a mile, as long as a mile).
The Genitive case is used with nouns denoting people and animals (Helen’s idea), with nouns denoting time and distance (an hour’s drive), with the names of countries and towns (Canada’s population), with the names of newspapers and organizations (the government’s policy).
Sometimes phrases with the Genitive case are extended by the use of attributes. The place of attributes depends on the meaning of the Genitive – whether it is possessive or qualitative.
When the Genitive case is used in the meaning of possession, all that stands before the possessive noun refers to this noun, not to the following head noun: the old man’s friend denotes that the man is old, not his friend; some baby’s cries = the cries of some baby, not some cries. The picture is quite different when the Genitive case is used in its qualitative meaning. In this case, all that stands before the Genitive noun, refers to the following head-noun, not to the Genitive noun: a children’s shop = a shop for children.
Task 14 Change the of-phrase into the Genitive.
1. article by Keynes
2. the war of Russia against the ISIS
3. a talk for two hours
4. the meeting of today
5. the office of the CEO
6. the remark of a member of the committee
7. works of Adam Smith and Milton Friedman
8. the collaborative work of John and Mary
9. the opinion of the leading economists
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10. the visit of the Prime Minister of Great
11. a clever remark of the old professor
12. waiting for two days
13. the new project of my more experienced colleagues
14. a party held in the house of the Wiggins
SPEAKING
Task 15 Read the text about the balance of payment and answer the questions:
1. What is BOP?
2. How many accounts are there in the BOP analysis? How different are they?
3. How do we define the BOP identity of a country?
Balance of Payments
It is important to measure the performance of an economy. Balance of Payment (BOP) is one way to do so. It shows the big picture of the total transactions of an economy with other economies, the net inflows and outflows of money into account and includes each transaction between a nation’s residents and its nonresidents.
All the transactions in BOP are classified into two accounts: the current account(the final net payment a nation is earning when it is in surplus, or spending when it is in deficit) and the capital account (net change in foreign-asset-ownership of a nation).
BOP data is crucial in deciding the national and international economic policy. The IMF calculates the transactions in an additional top-level division of the BOP accounts.The BOP identity, according to IMF terminology, can be written as −Current account + Financial account + Capital account + Balancing item = 0
Task 16 Choose a country you want to analyze and speak about the state of affairs in finance in the country studied. Are there any deficits in the balance of trade of the country? How to adjust these imbalances? Before you go on to analyze the deficit situation, read some prompts below.
BOP Imbalances
BOP has to balance, however surpluses or deficits on its individual elements may create imbalances. There are concerns about deficits in the current account. The types of deficits that typically raise concerns are −
· A visible trade deficit in case of a nation that is importing significantly more goods than it exports.
· An overall current account deficit.
· A basic deficit, which is the current account plus FDI, excluding short-term loans and the reserve account.
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Conventionally, current account’s factors are thought to be the primary cause behind BOP imbalances – these include the exchange rate, the fiscal deficit, business competitiveness, and private behavior.
Alternatively, it is believed that the capital account is the major driver of imbalances where a global savings satiation created by the savers in surplus countries goes ahead of the present investment opportunities.
There are three possible processes to correct BOP imbalances −
· Adjustmentsofexchangerates,
· Adjustment of nation’s internal prices along with its levels of demand, and
· Rules-basedadjustment.
Task 17 The following graph shows the current account balances of various countries as a percentage of the World’s GDP. Study the graph and speak about the balance of trade among different countries. What implications does the data make about Russia’s position on the world markets? Is the country successful enough in its trade operations?
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