I.Прочитайте и переведите текст (устно).

EUROPEAN MONETARY SYSTEM (EMS)

The purpose of the EMS, in operation since 1979, is to establish a greater measure of monetary stability in the European Community. A key element is the Exchange Rate Mechanism (ERM) under which members keep their currencies within agreed limits against one another. Britain was a party to the 1978 agreement that set up the EMS, and has always participated in its arrangements and institutions.

At the centre of the EMS is the European Currency Unit (ecu) used for a number of purposes within the system. The ecu is made up of a “basket” of agreed amounts of each of the EC member currencies and its composition is normally adjusted every five years.

In addition to its use between members of the EMS, there is a growing private sector market in ecus, particularly in ecu-denominated deposits and Eurobonds.

II. Выберите правильный вариант ответа на вопросы к тексту.

1. What is the purpose the EMS?

a) to establish stability in the European Union

b) to set up a measure of monetary stability

c) to establish stability in the European Community

2. What has Britain participated in?

a) community b) agreements c) arrangements and institutions

3. What unit does use between members of the EMS?

a) ecu

b) Eurobond

c) deposit

III. Закончите предложения по содержанию прочитанного текста.

4. In addition to its use between members of the EMS, there is a ________.

a) growing private sector market in ecus

b) growing state sector market in ecus

c) growing money sector market in ecus

5. Britain was a party ________.

a) to the 1976 agreement that set up the EMS

b) to the 1978 agreement that set up the EU

c) to the 1978 agreement that set up the EMS

6. At the centre of the European Monetary System is ________.

a) the members of European Union

b) the ecu used for a number of purposes within the system

c) a “basket” of the EC member currencies

IV. Подберите эквивалент к данному русскому слову или словосочетанию .

7. средство обмена

a) medium of exchange

b) exchange rate

c) means of payment

8. заeм

a) borrow b) lend c) loan

9. отложенный платеж

a) transfer payment b) deferred payment c) balance of payment

10 обменный курс

a) interest rate

b) exchange rate

c) tax rate

11. валюта

a) euro

b) cash

c) currency

12. средство сбережения

a) store of value

b) means of payment

c) means of production

13. устойчивость денег

a) payment stability

b) monetary stability

c) balance stability