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- •Оглавление
- •Введение…………………………………………………………………....4
- •Chapter 1. The European Union………………………………………..........6
- •Unit 1.1. The European Union and Its Bodies……………………………........6
- •Введение
- •Chapter 1. The European Union Unit 1.1. The European Union and Its Bodies
- •Text-study
- •I. Learn the following words
- •II. Complete the sentences with suitable words from the box
- •III. Answer the following questions
- •IV. Translate into English
- •V. Fill in the blanks in the text with suitable prepositions
- •VI. Insert the articles where necessary
- •VII. Translate the following text from English into Russian in writing
- •VIII. Explain the italicized grammar constructions in the following sentences
- •IX. Give Russian equivalents for the following words and phrases used in the text:
- •X. Render the text “The European Union” using the plan
- •XI. Work as one group. Point out the main periods in the development of the eu
- •Unit 1.2. The European Commission Text The European Commission and Its Authorities
- •Text-study
- •I. Learn the following words
- •II. Answer the following questions
- •III. Complete the sentences with suitable words from the box
- •IV. Fill in the blanks with articles if needed
- •V. Fill in the blanks with prepositions if needed
- •VI. Explain the italicized grammar constructions in the following sentences
- •VII. Read and translate the following text into Russian in writing
- •VIII. Translate into English
- •IX. Meet as one group. One of you should lead the meeting. Decide how the problem of effective eu budget management can be minimized
- •X. Study the article in several groups. Choose one of the situations and brainstorm the points
- •Unit 1.3. The European Union and its Members Text 1 The European Union and Britain
- •Text-study
- •I. Learn the following words
- •II. Answer the following questions
- •IV. Fill in the blanks with articles if needed
- •V. Fill in the blanks with suitable prepositions
- •VI. Explain the italicized grammar constructions in the following sentences
- •VII. Translate the text from English into Russian in writing
- •VIII. Read and translate orally the following text
- •IX. Translate into English
- •X. Study the article in several groups. Choose one of the situations and brainstorm the points
- •XI. Meet as one group. One of you should lead the meeting. Decide how the problems of Gateway cities can be minimized Text 2 Sustainable Convergence or Resistance?
- •Text-study
- •Learn the following words
- •Answer the following questions
- •Give Russian equivalents for the following words and phrases used in the text:
- •Translate into English
- •Fill in the blanks in the text with suitable prepositions
- •Insert the articles where necessary
- •Explain the italicized grammar constructions in the following sentences
- •Summarize the text, using the words and phrases given below:
- •Study the text in several groups and try to find arguments to support the following point of view:
- •Meet as one group. One of you should lead the meeting. Develop the following idea:
- •Text 3 Advantages of Spanish Membership in the eu
- •Text-study
- •I. Learn the following words
- •II. Answer the following questions
- •III. Complete the sentences with suitable words from the box
- •IV. Fill in the blanks with articles if needed
- •V. Fill in the blanks with prepositions if needed
- •VI. Explain the italicized grammar constructions in the following sentences
- •VII. Translate from English into Russian in writing
- •VIII. Comment on the sentences
- •IX. Translate into English
- •X. Render the text “Advantages of Spanish Membership in the eu”
- •Text 4 The Netherlands in the European Union
- •1.The Dutch model of economy
- •2.Types of capitalism
- •Text-study
- •I. Learn the following words
- •II. Answer the following questions
- •III. Complete the sentences with suitable words from the box
- •IV. Fill in the blanks with articles if needed
- •V. Fill in the blanks with suitable prepositions
- •VI. Give Russian equivalents for the following words and phrases:
- •VII. Translate the following text into Russian in writing
- •VIII. Summarise the text using the words and phrases given below
- •IX. Translate the following sentences into English
- •X. Meet as one group. One of you should lead the meeting. Supply details to prove the following:
- •XI. Study the text in several groups. Dwell upon the barriers that play a key role in keeping the Netherlands behind other countries
- •XII. Do you agree with the statement that "a synthesis of the Anglo-Saxon and Rhineland models ought to be possible"? Prove your point of view
- •Text 1 Bilateral Agreements between the European Union and the usa
- •Text-study
- •I. Learn the following words
- •II. Answer the following questions
- •III. Complete the sentences with suitable words from the box
- •IV. Fill in the blanks with articles if needed
- •V. Fill in the blanks with suitable prepositions
- •VI. Explain the italicized grammar constructions in the following sentences
- •VII. Comment on the sentences
- •VIII. Read and translate the following text into Russian in writing
- •IX. Translate into English
- •X. Render the text “The European Union and the relationships with other countries” using the plan
- •Text 2 The usa and The European Union
- •Text-study
- •I. Learn the following words
- •II. Answer the following questions
- •III. Complete the sentences with suitable words from the box
- •IV. Fill in the blanks with articles if needed
- •V. Fill in the blanks with suitable prepositions
- •Give Russian equivalents for the following words and phrases used in the text
- •Translate the following sentences into Russian in writing
- •Summarize the text using the words and phrases given below
- •Translate into English
- •Supply details to prove the following:
- •XI. Meet as one group. One of you should lead the meeting. Argue for or against the following debating themes:
- •XII. Study the text in several groups and comment on the following statement:
- •Text 3 Argentina in a Fix
- •Text-study
- •I. Learn the following words
- •II. Answer the questions:
- •III. Complete the sentences with suitable words from the box
- •IV. Give Russian equivalents for the following words and phrases used in the text
- •V. Translate the following sentences from the text into Russian in writing
- •VI. Summarise the text, using the words and phrases given below
- •VII. Translate the sentences from English into Russian paying attention to participles and Complex Object with the Infinitive
- •VIII. Translate into English
- •Text 4 The European Union and Japan
- •Text-study
- •I. Learn the following words
- •II. Answer the following questions
- •III. Complete the sentences with suitable words from the box
- •IV. Give Russian equivalents for the following words and phrases used in the text
- •V. Translate the following sentences from English into Russian in writing
- •VI. Fill in the blanks with suitable prepositions
- •VII. Fill in the blanks with articles if needed
- •VIII. Summarise the text, using the words and phrases given below
- •IX. Translate into English
- •X. Supply details to prove the following
- •XI. Comment on the following statements from the text
- •XII. Work as two groups. Discuss the following
- •Text 5 Switzerland and the Euro
- •Text-study
- •Learn the following words
- •II. Answer the following questions
- •Fill in the blanks with the articles if needed
- •Fill in the blanks with suitable prepositions
- •Give Russian equivalents for the following words and phrases used in the text
- •Translate the following sentences from the text into Russian
- •Summarise the text, using the words and phrases given below
- •Translate the text into English
- •Provide details to prove the following
- •Give a thorough consideration to the possible economic gains of Switzerland's joining the eu
- •Unit 1.5. The Importance of the eu Economic and Social Issues
- •Promoting Integration
- •Text-study
- •Learn the following words
- •Answer the following questions
- •Fill in the blanks with suitable prepositions
- •Fill in the blanks with articles if needed
- •Translate the following sentences into Russian in writing
- •Translate the sentences into English
- •Text 2 Eastern European Securities
- •Text-study
- •Learn the following words
- •Answer the questions
- •Fill in the blanks with the suitable prepositions
- •Insert the articles where necessary
- •Give Russian equivalents for the following words and phrases
- •Translate the following sentences into Russian in writing
- •Summarise the text, using the words and phrases given below
- •Translate the following sentences into English
- •Supply details to prove the following:
- •Work in several groups. Comment on the following statements:
- •Text 3 The problem of Tax Harmonization
- •Text-study
- •I. Learn the following words
- •II. Answer the following questions
- •III. Complete the sentences with suitable words from the box
- •IV. Fill in the blanks with articles if needed
- •V. Fill in the blanks with suitable prepositions
- •VI. Give Russian equivalents for the following words and phrases used in the text
- •VII. Translate into Russian the following sentences from the text
- •VIII. Summarise the article, using the words and phrases given below
- •IX. Translate into English:
- •X. Study the text in several groups. Discuss the following statements:
- •XI. Meet as one group. One of you should lead the meeting. Comment on the following statement:
- •Text 4 Customs Duties and vat in Europe
- •Text-study
- •I. Learn the following words
- •II. Answer the following questions:
- •III. Complete the sentences with suitable words from the box
- •IV. Give Russian equivalents for the following words and phrases used in the text:
- •V. Open the brackets using the suitable modal verbs (must, should, have to, can’t)
- •VI.Complete the sentences choosing the suitable verbal (Infinitive or Gerund) from the brackets
- •VII. Summarise the text, using the words and phrases given below
- •VIII. Translate into English
- •IX. Meet as one group. One of you should lead the meeting. Supply details to prove the following
- •X. Work as two groups. Discuss the following statements
- •Unit 1.6. The European Central Bank Text 1 The European Bank Supervision
- •Text-study
- •Learn the following words
- •Answer the following questions
- •Complete the sentences with suitable words and word combinations from the box
- •Translate into English
- •Fill in the blanks in the text with suitable prepositions
- •Insert the articles where necessary
- •Translate the following passage into Russian
- •Explain the italicized grammar constructions in the following sentences
- •Comment on the following phrases
- •Summarise the article, using the words and phrases given below:
- •Work as one group. Speak about the importance of the single currency for the bank supervision reform in Europe
- •Study the text in groups.Argue for or against the following:
- •Text 2 European Bank’s Monetary Policy
- •Text-study
- •Learn the following words
- •Answer the following questions
- •Fill in the blanks with articles if needed
- •Fill in the blanks with suitable prepositions
- •Explain the italicized grammar constructions in the following sentences
- •Translate the text from English into Russian in writing
- •Translate the text into English
- •Explain the meaning of the following statements:
- •Work as one group. Dwell upon eurocrats' position in regard to the Basle-2 framework Text 3 Does Euro Prove Top Currency?
- •Text-study
- •Learn the following words
- •Answer the following questions:
- •Translate the following sentences into Russian, explain the italicized grammar constructions:
- •Fill in the blanks with the articles if needed:
- •Summarise the text, using the words and phrases given below:
- •Translate into English:
- •Text 4 The ecb’s Credibility
- •Text-study
- •Learn the following words
- •Answer the following questions
- •Fill in the blanks with articles if needed
- •Explain the italicized grammar constructions in the following sentences
- •Translate the text into English:
- •Revision of Chapter 1 Test Put the verbs in brackets in the correct form
- •Text-study
- •I. Learn the following words
- •II. Answer the following questions:
- •III. Translate into English:
- •IV. Paraphrase the sentences using Gerund with the preposition
- •VI. Give the Russian equivalents for the English words and expressions:
- •VII. Sum up what the text says about
- •VIII. Translate the text of the Certificate of Incorporation into Russian in writing Text 2 Forms of Businesses in the usa.
- •Text-study
- •I. Learn the following words
- •II. Answer the following questions:
- •III. Sum up what the text says about:
- •IV. Translate into English:
- •V. Translate into Russian:
- •VI. Complete the following sentences from the text and translate them into Russian:
- •VII. Substitute the attributive clauses by participial constructions (Participle II)
- •VIII. Translate the sentences with Complex Object
- •IX. Work in several groups. Compare two previous texts on the following types of business in the uk and the usa and their incorporation requirements:
- •Unit 2.2. The staff of a company
- •Text 1.
- •Directors and Managers
- •Read and translate the following text
- •Text-study
- •I. Learn the following words.
- •II. Answer the following questions:
- •III. Translate into Russian:
- •IV. Sum up what the text says about:
- •V. Complete the following sentences as in the text:
- •VI. Translate into Russian:
- •VII. Translate into English
- •VIII. Meet as one group. One of you should lead the meeting
- •IX. Role-Play
- •Text 2 Leadership
- •Text-study
- •I. Learn the following words
- •II. Answer the following questions
- •III. Complete the sentences with the correct word
- •IV. Read some of the letters that were written after the selection interviews. Be ready to write the necessary letters of your own
- •Put the verbs in brackets in the correct form
- •Text-study
- •I. Learn the following words
- •II. Answer the following questions :
- •III. Translate into English:
- •IV. Comprise critical components of your marketing plan.
- •V. Give Russian equivalents to the following:
- •VI. Fill in the blanks with suitable prepositions
- •VII. Fill in the blanks with articles if needed
- •VIII. Read the text about securities. Write a suitable word to fill each of the gaps
- •IX. A businessman gives his partner advice on his investments in a number of ways. Perhaps the most obvious is when he uses the verb “advise”:
- •X. You meet a friend who has some money to invest. Give him some advice. Use the phrases listed in the tasks above
- •Unit 3.2. Brands and Advertising
- •Brand Names
- •Text-study
- •I. Learn the following words
- •II. Answer the following questions
- •III. Translate from Russian into English:
- •IV. Fill in the blanks with suitable prepositions
- •V. Fill in the blanks with articles if needed
- •VI. Complete the sentences with the present simple or the present continuous forms of the verbs in brackets
- •VIII. Endorsement is а commonly used advertising technique, in which а person - often famous - speaks оn behalf of а product
- •In each case, do уоu think the right person was chosen to endorse the product? Present your findings to the group
- •IX. Work as one group. One of you should lead the meeting. Discuss the following questions:
- •X. Analysing advertisements
- •Text 2 Advertising
- •Text study
- •Learn the following words
- •II Answer the following questions:
- •III Find in the text the English equivalents of the following phrases:
- •IV. Analyze the Participle forms used in the text
- •V. Translate the following word-combinations into English in writing. Use a dictionary to help you
- •VI. Work as one group. Discuss the following questions
- •VII. Work in several groups. Sum up the information you have received from the Unit 3.2. Unit 3.3. Investment in Marketing
- •Text 1 From Investment Boom to Bust
- •Text-study
- •I. Learn the following words:
- •II. Answer the following questions:
- •III. Complete the following sentences with the words from the box:
- •IV. Give Russian equivalents for the following words and phrases used in the text:
- •V. Translate the following text into Russian in writing:
- •VI. Summarise the text, using the words and phrases given below:
- •VII. Translate into English:
- •VIII. Meet as one group. Supply details to prove the following assumptions:
- •IX. Working as one group, comment on the following statement from the text:
- •X. Work in several groups. Argue for or against the following statement made in the text:
- •Venture Capital
- •Text-study
- •I. Learn the following words
- •II. Answer the following questions:
- •III. Complete the following sentences with the words from the box:
- •IV. Give Russian equivalents for the following words and phrases used in the text:
- •V. Translate the following sentences into Russian in writing:
- •VI. Summarise the text using the words and phrases given below:
- •VII. Translate into English:
- •VIII. Work as one group. Supply details to prove the following:
- •IX. Work as several groups. Comment on the following statements:
- •Revision of chapter 3 Test Put the verbs in brackets in the correct form
- •Text-study
- •I. Learn the following words
- •II. Answer the following questions:
- •III. Complete the letter as in the text:
- •IV. Write a similar complete letter changing:
- •Text-study
- •I. Learn the following words and their definitions:
- •Read and translate the sample of the contract
- •VII. Answer the following questions
- •IX. Read the text and say in what cases a binding contract does not exist
- •Interpretation of Contracts
- •XI. Look through the text “Interpretation of Contracts”
- •Text 2 Prices and Terms of Delivery
- •Text-study
- •Learn the following words
- •III. Say what the following means:
- •VI. Work as one group. Give the examples of terms of delivery in foreign business transactions Text 3 Terms of Payment
- •Text-study
- •I. Learn the following words
- •II. Translate into Russian:
- •III. Answer the following questions:
- •IV. Translate from Russian into English:
- •V.Translate the following part of contract into Russian and answer the questions:
- •VI. Work as one group. Decide which type of contract is characterized by the following descriptions:
- •VII. Which word –combination is odd in the following list?
- •VIII. Put the following sentences into the Passive Voice form
- •Text 4 The Main Characteristics of the Contract of Sale
- •Text-study
- •Learn the following words
- •Answer the following questions
- •III. Translate the following phrases into English. Use a dictionary to help you.
- •IV. After translating the phrases compose all types of questions of the previous task
- •V. Translate the following word combinations into English:
- •VI. Make up sentences using Subjunctive Mood:
- •VII. Translate the following sentences using Subjunctive Mood:
- •VIII. Complete the following sentences:
- •IX. Make up sentences with the following phrases:
- •Revision of Chapter 4 Test Put the verbs in brackets in the correct form
- •Business vocabulary
- •Appendices
- •Appendix 1 European Monetary Union: Operating Monetary Policy
- •Instrument frameworks
- •Appendix 2 Core Principles for Effective Banking Supervision
- •Appendix 3 America's Housing Market
- •The Business Cycle Lives Again
- •Wages in Recession
- •The Relations of the eu with the imf
- •Appendix 4 Commercial Activities and Types of Contracts
- •Заключение
- •Литература
- •Электронные источники
- •344002, Г. Ростов-на-Дону, пр. Буденновский, 20
The Business Cycle Lives Again
SAMUEL BRITTAN, ECONOMIC VIEWPOINT
The US recession is more deep-seated than central bankers admit - but it may have benign side-effects in Europe
The Federal Reserve's emergency interest rate cut of January 3 was almost certainly triggered by financial indicators. There have been rumours about particular financial institutions but the widening of corporate bond spreads has been a fact, as has been the sharp, but perhaps temporary, narrowing since Alan Greenspan, Fed chairman, acted.
As for the real economy, it is no longer a question of when the US recession will begin but how long it will last and how far it will go. Private sector forecasters predict a drop in gross domestic product of about 0.5 per cent at an annualised rate in the first quarter of this year. But I am less sanguine about the sharp rebound most of them expect soon afterwards.
It helps, however, to look at the immediate data in historical perspective. In the depressed 1930s two views of the business cycle contended among economists. According to Keynes the trouble was underinvestment. The opposite, so-called "Austrian" point of view saw the trouble in overinvestment during the boom phase. (The name "Austrian" was a partial misnomer as the bastion of this theory was the London School of Economics.)
In any case, the exponents of that theory were dealt a body blow by their bad timing. During one of the worst depressions in modern history, a theory that stressed overinvestment did not stand an earthly chance. By the end of the 1930s, even most economists at the LSE had gone over to Keynes.
But a theory that may be inappropriate for the time it is put forward may have a lot to tell us at other periods.
The vigorous booms in the US in the last few years of the 20th century, and its recent crumbling, have the trappings of an Austrian-type cycle.
As a minority of skeptics has been pointing out for some time, there has been overinvestment in the US. It is not only stock market prices that have been too high. There has also been excess physical investment. It would be surprising if there were no excess capacity to work off.
The US readjustment could indeed be more difficult than that predicted by the Austrian theory. According to that theory, the investment boom is made possible by abnormally high domestic savings. But in the recent US boom - and, for that matter, in its weaker copy in the UK - there has been no squeeze at all on consumption, which has risen vigorously in the past five years. The savings to finance US investment have come partly from large budget surpluses, which count as savings in national income arithmetic, and also from a current payments deficit financed by inward investment.
Indeed, US personal savings have virtually disappeared. Because of the "wealth effect" generated by rising asset prices, Americans have felt that they could prudently consume more than they earned without eating into their financial resources. But once the stock exchange euphoria comes to an end the wealth effect disappears and people return to their normal saving habits.
Thus the US investment adjustment looks like being accompanied by a squeeze on consumer spending as well. The two forces would then have their usual multiplier effects on each other and on the economy. One mitigating factor is that real property values have held up better than equity prices, although if the recession continues this support could weaken. As it is, the recession is likely to be more obstinate than the optimistic central bankers' statements about a mere slowdown to 2.5 per cent growth this year.
What, then, should be the policy response? Clearly, to act promptly on signs of real weakening in the US economy rather than on prophecies of doom. But what should be the mix between monetary and fiscal stimulation? A benefit of further monetary relaxation is that it acts more quickly.
The offsetting danger of sharp interest rate cuts is that they could postpone the liquidation of the excesses of the recent boom and could even reinforce the idea -specifically disowned by Mr. Greenspan - that the Fed has the duty of supporting the equity market.
The case for acting on the fiscal front is that tax cuts have a more direct effect on consumption. But I cannot help being amused by the rush of Republican policy advisers, who previously proclaimed the utmost skepticism both about fiscal policy and about fine-tuning, to say that the prospective tax cuts are urgently needed to fight recession. In this they will be joined by Democrats who do not want to be accused of pushing the economy into a slump.
I have a lurking suspicion that the structural budget surplus is exaggerated by recent estimates and will melt away when economic cold winds force a reassessment of the arithmetic - as they did in Britain in the early 1990s and could do again. And tax cuts are less likely to stimulate spending if consumers suspect that they cannot be afforded in the long run and ultimately will have to be reversed.
How about the overseas impact? A US recession normally has its severest and earliest effects on the Pacific area and Latin America. But in Europe there may even be some benign aspects, at least in the early stages. Were it not for the cold wind from across the Atlantic there would in fact be a case for an increase in the UK's base rates. Domestic demand is still growing vigorously: the payments deficit is rising; and skill shortages head the list of business complaints.
The slowdown in UK growth at the end of last year is deceptive. As the National Institute of Economic and Social Research has pointed out, the economy has been "depressed by the effects of the rail stoppages and weak output in the oil industry. This does not indicate a general slowdown and suggests the (Bank of England) was right not to reduce interest rates".
By encouraging the dollar to fall, further US interest rate cuts would relieve the worries of European policymakers who claim that the euro is undervalued. Thus even the European Central Bank might at last stop worrying about inflation and move towards stimulus. If a weaker dollar means a stronger euro, UK manufacturing will benefit and the UK economy will become better balanced.
A prolonged US recession would be a different story. It would be likely to have a bigger effect on Europe through confidence and financial effects than conventional forecasting models, which focus on visible trade, suppose. But it is one thing to foresee a danger and quite another to act prematurely on the assumption that it has already occurred - as those most stridently clamouring for UK interest rate cuts need to remember.