(1). Germany’s economy
德国经济
(2). Watching the wages
看工资
(3). Germany’s economy stutters, even if the fundamentals are strong
即使家底殷实,依然难逃困境
(4). 1:BLAMING Germany—or at least the austerity prescribed for the euro zone by Chancellor Angela Merkel—for Europe’s ills may be popular in France.
2:But Germans are inclined, not without some pride, to see their economy as the strongest horse to pull the euro zone out of its misery.
3:Hence the fear caused by a surprising update this month: real output shrank by a seasonally adjusted 0.2% in the second quarter from the first, and manufacturing by 1%.
1:为了解决在法国肆虐的欧洲经济问题,德国—至少是德国总理默克尔,制定了经济紧缩计划。
2:但是德国并没有居功自傲,他们更倾向于将自身经济看作一匹最强壮的马,来拉动欧元区走出困境。
3:因此,这种令人惊讶的上升也在这个月带来了担忧:从第一季度到第二季度,真实输出缩减调整到0.2%,制造业调整为1%。
(5). 1:Part of the explanation was statistical.
2:Thanks to a mild winter, there was more construction than usual in the first quarter.
3:But geopolitical crises, especially in Ukraine, had a bigger impact.
4:German exports to Russia have plummeted. Given the timing, the drop was due less to sanctions already imposed than to expectations of more to come.
5:Russia accounts for only 3% of Germany’s total trade, so the losses were easily made up in higher exports elsewhere.
6:More devastating is the rising uncertainty over Russia that is causing managers to delay investment. Germany’s Ifo business-climate index, a widely watched benchmark, fell in August.
1:说明中有一部分是统计结果。
2:暖冬的原因使得统计结果与第一季度同期相比有了更多的解释。
3:并且由于地域政治危机,特别在乌克兰,产生了更大的影响。
4:德国对俄出口直线下降,因为给定了时间减少了制裁,下降比预期中来的更猛烈。
5:而俄罗斯仅占有德国贸易总额的3%,所以在高出口的地方更容易出现损失。
6:更糟糕的是,俄罗斯持续上涨的不确定性,导致了投资经理人的投资延误,被广泛视为基准的德国IFO商业景气指数在八月份也出现下降情况。
(6). 1:Germany’s best contribution to recovery in the euro zone would be to let wages rise.
2:Whether they are already doing so will not become clear for months, because Germany reports the relevant statistics more slowly than most. But the willingness is there.
3:In July Jens Weidmann, the president of the Bundesbank, Germany’s notoriously hawkish central bank, caused a sensation by calling for pay rises of 3% on average.
4:A new minimum wage should also nudge wages up.
5:It will take effect in 2015 at 8.50 an hour, more than 40% of the median wage.
1:德国对于欧元区恢复的最大贡献在于让工资上涨。
2:无论他们是否在这样做,几个月之内情势也不会明朗,因为德国的相关统计数据比大部分统计慢很多,不过人们对此毫无异议。
3:七月,在德国众所周知的鹰派中央银行——德意志联邦银行的行长延斯·魏德曼要求加薪,引起了轰动。他要求的薪资平均上涨幅度为3%。
4:一个新的最低工资标准也可以推动工资上涨。
5:这项在2015年生效的新规定将每小时工资定位8.5英镑,超过了平均水平的40%。
(7). 1:German firms certainly have plenty of leeway, after practising wage restraint for the past decade.
2:Known as the sick man of Europe ten years ago, Germany underwent a set of wrenching labour-market reforms starting in 2003.
3:Unions co-operated meekly, often accepting wage rises below inflation and productivity growth.
4:In effect, this was an internal devaluation that made exports more competitive, especially in sectors such as machines and chemicals, according to Karl Brenke at the German Institute for Economic Research in Berlin.
5:The forgone spending power by workers also depressed consumption. The combination led to huge trade surpluses.
1:在过去十年实行的薪酬限制,让德国公司确信它们还有转圜的余地。
2:正如十年前被全欧洲所知的“风险家”,德国自2003年开始经历了一系列复杂的劳动力市场改革。
3:联盟向来是逆来顺受,经常在通货膨胀和生产率提高的情况下接受工资上涨的提议。
4:柏林经济研究协会的卡尔·雪瑞尔克说,国内曾经发生的一场货币贬值实际上让出口变得更有竞争力,特别是在机械和化工等行业。
5:工人们丧失消费能力也使消费低迷,二者结合带来了巨大的贸易顺差。