Will be able to keep the economies afloat

■ USA (left scale) ■ EU (right scale)

Figure 16.2. Indexes of Consumer Confidence in the US and EU

Source: The Conference Board, The European Commission

Commentary and Notes to Text 16.7.1.4

To pay tribute to... — отдавать должное...

High uncertainty — высокая (большая) неопределенность

Outlook — перспективы

Gloomy — мрачный

Emergency issue — чрезвычайный выпуск

To release — опубликовать

7. to drag... into — ввергнуть (≪втащить≫)

An economic upturn — экономический подъем

To gather momentum — усиливаться

CIS — Commonwealth of Independent States — Содружество Независимых Государств

(СНГ)

16.7.1.5. Read, translate the text “Inflation as a Sign of Depression and Crisis” and define the

Reasons causing inflation.

(!) Inflation as a Sign o f Depression and Crisis

Inflation is usually a threatening warning against the coming depressions and crises. Let us

Consider this phenomenon.

By inflation we mean persistent increases in the general level of prices. It can be seen as a devaluing

Of the worth of money. Its most serious recent appearance occurred during the 1970s in the

Wake of the quadrupling of oil prices in 1973, when annual inflation rates in the developed world

Rose as high as 25 per cent, but for the rest of the post-war period it has not been unusual for the

Inflation rate to be exceeded by the real growth rate. A crucial feature of inflation is that price rises