The Economist 经济学人精读 [3下]
选自 October8, 2016 | Leaders板块
注：划线部分为好词好句，加粗为生词，要加入单词本进行背诵。
6) Within institutions, that means cutting costs and raising capital. According to S&P Global Market Intelligence, the average cost-to-income ratio at an American bank in 2015 was 59%; Italy's figure stood at 67% and Germany's at 72%. Scandinavian banks already operate with much lower costs than their peers elsewhere in Europe. The axe is now swinging: Commerz bank, another struggling German lender, and ING, a Dutch bank, have announced thousands of job cuts in the past few days.
Scandinavian - relating or belonging to people from Northern European countries (Denmark, Norway, Sweden)
axe - tool used for cutting wood: metal blade attached to a long handle 斧子
6) 也就是说，这些机构该从内部减少成本，增加收益。根据 S&P 全球市场情报，2015的平均成本-收益比在美国的银行为59%， 意大利为67%，而德国的则高达72%。相比之下，一些北欧洲地区的银行已经以更少的成本在运作。天秤正在往坏的方向倾斜：Commerz 银行，另一个深处危难的德国银行，和 一个叫做 ING 的荷兰银行已经宣布了近期几千人裁员的消息。
7) But more can be done. Pay is one obvious lever. Deutsche's bankers trousered roughly the same amount in annual compensation between 2011 and 2015, even as the bank's share price dived. And before shareholders complain too loudly about that, recall that that in 2007-15 the dividend payments by 90 euro-zone banks amounted to E223 billion ($250 billion). Their retained earnings would have been 64% higher at the end of that period if they had not paid out dividends.
trouser - take sth unlawfully 偷偷摸摸的拿
dividend - % of a company's profits paid to millions of shareholders 股息
euro-zone - countries that adopt the euro currency
7) 还有其他的挽救方法，比如减少提前支付股息。在2011到2015年之间，德意志银行工作人员大致总共拿走了相等于这些年每一年的加起来的赔偿金，装进了自己的口袋，这种行为甚至在银行的股价跌了的情况下还在继续进行。股民当然要责骂这种行为，但在那之前，请回忆一下2007年的90个欧元区内的银行所支付第十五次股息的金额，数目接近于223 billion 欧元。如果这笔数目没有被提前支付的话，股民在股期最后的收益应该会高出64%。
8) Within markets, consolidation is needed. Too much consolidation risks exacerbating the problem of overmighty banks. Too little, however, and earning sputter. Some European markets have been clearing away excess capacity. Almost half of the decrease in euro-zone bank branches between 2008 and 2014 accounted for by Spain alone. Again there is more to do. According to the IMF, 46% of European banks account for just 5% of deposits. Germany's massed ranks of savings and co-operative banks, for example, drive down margins for everyone. Without pruning, their returns on equity are projected to fall towards zero as a result of ultra-low rates, regulation and "fintech" rivals.
consolidation - combine small companies into a large organization
overmighty - having too much power
sputter - to speak quickly in excitement or confusion 发出噼里啪啦声
account for - if sth account for a situation, it causes 导致it; take a portion of sth 占...比例
margin - profit 利润
pruning - cut branches off of a tree so that it would grow next year 修剪
"fintech" - finance and technology companies 金融科技公司
rival - enermy
8) 在市场上的合并是需要的。过多的合并会加重原来势力就过强的银行；太少的话则导致利润的七零八碎。 一些欧洲的市场已经开始在清理掉不必要的银行。在2008到2014期间，西班牙是导致在欧元区将近一半银行倒闭的的主要原因。当然，要做的还有很多。根据IMF提供的，46%的欧洲银行仅仅只承担了5%的存钱记录。而德国大量的类似只负责存钱性的银行降低了每个人的收益金额。适当的修剪银行这个藤蔓是有必要的，要不然， 对于现在有着的超低利息率，宽松管理，和各种金融科技公司的竞争，收益回报率只能向着零奔去。
You're still dead in the end
9) Recovery would happen a lot faster if euro-zone policymakers grasped the simple truth that a banking calamity can unfold slowly as well as quickly. Bold solutions are needed. A deposit-guarantee scheme that stretches across the euro zone would encourage cross-border consolidation. Using public money to recapitalize the weakest banks in countries like Italy and Portugal, and requiring them to slim down in return, is the fastest way to return them to health. Proper fiscal stimulus by European governments would cut the chances that central banks have to keep interest rates so low. For questions about the survival of big European banks to be swirling almost ten years after the financial crisis started is utterly damning.
scheme - a plan to achieve sth
recapitalize - change the way of old financial management such as borrowing money for sth 调整资本
slim down - decrease/ reduce
damning - suggest very strongly that sb has made a mistake 确凿的
9) 如果在欧元区政府决策者们尽早的就意识到了的银行所面临的灾难可小也可大这个事实的话，恢复过程将会发生的更快，当然，这也需要一些大胆的解决方案。例如，政府该计划一个在整个欧元区实施的存款保险，去鼓励跨越边界的团结；动用公共资金同投资一些想在意大利和葡萄牙地区较弱的银行，这样他们就不需要设定高强度的收益目标，这是让他们能更快回到正常的方法；欧洲政府执行适当的财政刺激也会帮助中央银行提高利息率。在经济危机发生将近十年时间后，说大型的欧洲银行还在漩涡里挣扎着绝对是证据确凿的。
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