B) Write down a short summary based on the results of the discussion. Unit 6. The World Economy.

Unit 6. The World Economy.

New Dangers

Lead-in

Exercise 1. Starting up:

1. Do you think there are more dangers or benefits associated with globalization of the world economy?

2. Have you ever experienced or suffered from the consequences of an economic crisis?

3. How can you determine whether the economy prospers or deteriorates?

4. What solutions can you offer to stabilize the economy?

Listening

Exercise 2. You are going to listen to the report on the new dangers of the world economy (part 1). Study the definitions of some English phrases from the report and translate the examples into Russian:

· to ease off – to give something less effort or energy, esp. when you’ve been working very hard (The economic crisis seemed to have eased off in the latter part of 2009);

· to be in full swing – to be at the most effective or highest level of operation or activity (The economic crisis is once again in full swing);

· to default – to fail to pay money that you owe (If it defaults, it will be the first EU member to do so);

· to phase out – if something is phased out, people gradually stop using it (Brazil's fiscal stimulus is being phased out);

· to be put on hold – if sth is on hold, you have stopped it from happening now, but it may happen later (Quantitative easing is being put on hold);

· cause for concern – reason to worry (Europe's troubles are not the only cause for concern);

· commodity price – value of goods;

· to tumble – to fall quickly and without control;

· volatility – instability (Stock-markets are down sharply, commodity prices have tumbled and volatility is up);

· to remove fiscal props – to withdraw financial help (policymakers will be forced to remove monetary and fiscal props too soon).

Exercise 3. Match the words and phrases from the repot with their Russian equivalents:

1. to loom	мыльный пузырь
2. asset bubble	принимать угрожающие размеры
3. to queue up	существенное облегчение
4. quantitative easing	кредитный бум
5. rescue scheme	завязнуть в трясине
6. a bond market	финансовый стимул
7. a lending binge	рынок облигаций
8. to mire	становиться в очередь
9. fiscal stimulus	план спасения

Exercise 4. Listen to the report on the new dangers of the world economy and answer the questions (“The Economist”, February 13^th 2010):

1. Why was the attention of the European countries focused on Greece?

2. How is optimism about “v”-shaped economic recovery being replaced?

Exercise 5. Listen to the report again and complete the following statements:

1. The economic crisis, which seemed to have eased off in the latter part of ____________, is once again in full swing as the threat of sovereign default looms.

2. Europe's leaders are struggling to avert the biggest financial disaster in the euro's ____________ history.

3. Bond markets are worried about the capacity of _____________________ and _______________ to repay their debts, forcing these countries to increase taxes and cut spending, even as they remain mired in recession.

4. ______________ government began to rein in its lending binge last month, worried about accelerating inflation and asset bubbles.

5. India's central bank has raised reserve requirements and ____________ fiscal stimu­lus is being phased out.

6. The MSCI World Index of global share prices has fallen by almost 10% from its peak on _________________.

Reading

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