VII. Translate the following text into Russian in writing.

Tax cuts played an important part in wage moderation. They increased people's purchasing power and thus made it possible to limit increases in wages. Wage moderation has therefore not led to a shortfall in demand, as originally feared by some. The tax cuts coincided with a decrease of the budget deficit as a percentage of national income. Both were made possible by a sizeable reduction of public spending following upon restrictions in social security. Between 1980 and 1997 the purchasing power held by those on the minimum wage went up by 28.8% in France. In the Netherlands it went down by 21.3%. Hence the remarkable growth in jobs. Annual increases in Dutch jobs have averaged 1.6% over the past 15 years. That is four times the European average and is equal to the American employment machine. Cutting taxes, not raising them, is the way to create jobs.

VIII. Summarise the text using the words and phrases given below:

to argue; favourable comments; the Dutch economic order; to attempt to explain smth; to explore the consequences; economic goals; the policy instruments; to be combined with smth; to achieve a harmony of interests; the primary goal; the maximisation of short-term profits; for the benefit of the shareholders; a sustainable, stable and continuous economic growth; to take risks; to fulfill important functions; to attribute one's success to...; in view of...; to claim that...; to lead to smth; to bring smth to an end; a shortfall in demand; to limit increases in wages; to play a key role in smth.

IX. Translate the following sentences into English:

1.Благоприятные отзывы специалистов относятся к быстрому экономическому росту, превышающему средние показатели, снижению безработицы, низкому уровню инфляции и сокращению дефицита бюджета.

2.Западноевропейский капитализм представляет собой сочетание регулируемой рыночной экономики со всеобъемлющей системой социального страхования.

3.Основной целью участников экономического процесса является достижение слаженности интересов.

4.В основе голландского успеха - усовершенствование государственной финансовой системы, сокращения в сфере социального страхования, более гибкий рынок труда и устойчивый обменный курс национальной валюты к немецкой марке.

5.Снижение налогов привело к повышению покупательной способности населения, что сделало возможным ограничить увеличение зарплаты.

6.Способ создания рабочих мест - это сокращение налогов, а не их рост.

7.Успех голландской модели прежде всего измеряется показателями ВВП на душу населения.

8.Несмотря на низкие официальные показатели безработицы в Голландии, процент занятости все еще остается весьма невысоким.

X. Meet as one group. One of you should lead the meeting. Supply details to prove the following:

- The Rhineland model may be seen as a regulated market economy with a comprehensive system of social security.

- Social security benefits in the Netherlands are still among the most generous in the world .

- Where Europeans may be risk-avoiders, Americans are risk-lovers.

- The recent success of the Dutch economy is merely relative to a worse past.

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.

Unit 1.4. The Relations between the European Union and Other Countries

Text 1

Bilateral Agreements between the European Union and the USA

Pre-reading tasks.

1.Make up your own sentences to bring out the difference between agreement and treaty, talks and negotiations, trade and commerce.

2. Do you know the difference between the words secretary and undersecretary?

Any talks on a new bilateral trade agreement between the US and the European Union must "take into account" sensitive ar­eas of agricultural subsidies and audio-visual trade, a senior US official said yesterday.

The undersecretary for international trade at the US com­merce department, said Washington welcomed EU proposals for talks on a "New Transatlantic Marketplace". The plans, proposed by a trade commissioner, involve the creation of an EU-US free trade area in services, and the destruction of industrial tariffs by 2010 — if other countries follow suit.

But the undersecretary suggested it might not be possible to exclude agriculture and audio-visual services from negotiations, as the European Commission proposes. "We think that these two sectors need to be taken into account in some appropriate way," he said. "But I think it is not beyond the wit of man to be able to do that." He hoped the US and Brussels could "define an area for exploration" in the talks before the EU-US summit in London on May 18, 2010.

The undersecretary's comments may ring alarm bells in France, which has opposed the proposals partly because it be­lieves it will be impossible to keep agriculture and audio-visual services out of talks. It has also suggested the issue should not be on the agenda of next month's summit unless the EU has reached its own internal agreement on the initiative.

The French president and prime minister have threatened to use their national veto to block the plan. EU ministers renew discussions on the issue in Luxembourg on Monday.

The undersecretary was in Brussels for talks with Commis­sion officials on electronic commerce, and to attend a working meeting of the Transatlantic Business Dialogue — the policy fo­rum of senior EU and US executives — which was also ex­pected to discuss the trade talks proposals.

While EU companies have expressed enthusiasm, the re­sponse from US business has been more muted, with some executives suggesting they were waiting for a lead from their national administration.

Despite French opposition, officials believe the EU will still be able to agree on the scope of talks with Washington. Some suggest the agriculture issue could be finessed through World Trade Organisation talks on farm subsidies and the EU's pro­posals on farm reform.

Text-study