ユーロ急落 欧州の努力を促す市場の警告

The Yomiuri Shimbun (Jun. 5, 2012)
Markets warning Europe to bring credit crisis under control
ユーロ急落　欧州の努力を促す市場の警告（6月4日付・読売社説）

The credit crisis in Europe has flared up again, and there seems to be no end to the euro's depreciation. To end the crisis, further efforts by European nations are indispensable.
　欧州の信用不安が再燃し、ユーロ安に歯止めがかからない。危機を封じ込めるため、欧州の一層の努力が不可欠だ。

Late last week, the euro nosedived in the foreign exchange market, hitting the 95 yen level for the first time in 11-1/2 years. As the yen's value also rose to the 77 yen level against the dollar, it seems to be a matter of one-sided appreciation of the Japanese currency.
　外国為替市場で先週末、ユーロが急落し、１１年半ぶりに１ユーロ＝９５円台に突入した。円相場は対ドルでも１ドル＝７７円台に急騰し円の独歩高になってきた。

Meanwhile, shares on the Tokyo Stock Exchange have plunged across the board, discouraged by the yen's historic hyperappreciation. Due to factors such as worsening of the U.S. unemployment rate, shares have fallen sharply on the New York Stock Exchange, and stocks continue to fall worldwide.
　歴史的な超円高が嫌気され、東京株式市場の株価は大幅に下落した。米国の失業率悪化などで、ニューヨーク市場の株価も急落し、世界同時株安が進んでいる。

This is a serious situation in which violent fluctuations in financial markets could continue.
　市場の乱高下が続きかねない深刻な状況と言えよう。

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No prospective end to debt crisis

The main cause for the sharp fall of the euro and the related stock market declines is that there is no prospect for the European debt crisis to be brought under control.
　ユーロ急落と、連鎖株安の主因は、欧州債務危機を収束させる見通しが立たないことだ。

After failing to form a coalition government, Greece will have another election in mid-June. However, depending on results of the election, the country may face further obstacles in its economic rehabilitation and be forced to leave the eurozone. If this happens, major chaos will be inevitable.
　今月中旬に再選挙を行うギリシャは、選挙結果によっては、経済再建に行き詰まり、ユーロ圏からの離脱を迫られる恐れがある。そうなれば、大混乱は必至だ。

The Greek credit crisis has spread to Spain, which has experienced a collapse of its real estate bubble, with the situation deteriorating to the point that a major bank has asked for an injection of public funds.
　ギリシャの信用不安は、不動産バブルが崩壊したスペインに飛び火し、大手銀行が公的資金の注入を申請する事態に発展した。

However, the Spanish government, which is suffering from fiscal deficits, cannot provide drastic relief measures anytime soon. Due to rising anxieties, holders of Spanish government bonds have gone on a selling spree.
　しかし、財政赤字を抱えるスペイン政府はすぐに抜本的な救済ができない。懸念が高まり、スペイン国債が売り込まれている。

The International Monetary Fund and the European Union have already made arrangements to financially assist some nations facing the crisis, but the help is not sufficient to support Spain, which has the fourth-biggest economy in the eurozone.
　国際通貨基金（ＩＭＦ）と欧州連合（ＥＵ）は、欧州の危機国を金融支援する体制を整えたが、ユーロ圏第４位の経済規模のスペインを支えるほど十分ではない。

The world must remain on alert to prevent the European-born crisis from escalating to a level that could deal a major blow to the world economy.
　欧州発の危機に拍車がかかり、世界景気に大打撃を与える事態を警戒する必要がある。

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Franco-German initiative essential

To control the chaos in Spain, cooperation between Germany and France is crucial.
　スペインの混乱を乗り切るためにも独仏両国の連携が重要だ。

German Chancellor Angela Merkel, who argues for restoring fiscal health, and French President Francois Hollande, who emphasizes economic growth, have made no progress toward narrowing their differences.
　財政健全化路線のメルケル独首相と、経済成長をより重視するオランド仏大統領の主張の違いは、まだ調整されていない。

Germany and France should act in close concert to come up with a prescription to revive Europe under which both fiscal health and economic growth can be realized side by side. Eurozone nations must unite behind the initiative of the two countries to study measures to help Spain.
　独仏は足並みをそろえ、財政と成長を両立させる欧州再生の処方箋を描くべきだ。両国主導でユーロ圏が結束し、スペイン支援策を検討することが急務である。

In May, a summit meeting of the Group of Eight major countries said Greece should stay in the eurozone. In mid-June, a summit meeting of the Group of 20 will be held in Mexico, and pressure on Europeans to swiftly respond to the situation will further intensify.
　ギリシャのユーロ残留を求めた５月の主要８か国（Ｇ８）首脳会議に続き、今月中旬にメキシコで２０か国・地域（Ｇ２０）首脳会議が開かれる。欧州の迅速な対応を促す圧力がさらに強まろう。

The euro crisis will also adversely affect the Japanese economy. The yen's sharp appreciation and the euro's decline will hit export-oriented companies and further cool the economy.
　ユーロ危機は日本経済にも悪影響を及ぼす。急激な円高・ユーロ安で輸出企業が打撃を受け、景気に冷や水を浴びせるからだ。

Finance Minister Jun Azumi has said he will resolutely respond to the the yen's hyperappreciation and hinted at a yen-selling intervention. We think his comments are appropriate.
　安住財務相が超円高に「断固として対応する」と述べ、円売り介入を示唆したのは妥当だ。

The government and the Bank of Japan need to beef up cooperation with North America and Europe. The central bank may also need to study additional monetary-easing measures.
政府・日銀は、欧米との連携を強化する必要がある。日銀の追加金融緩和策も検討しなければなるまい。

(From The Yomiuri Shimbun, June 4, 2012)
（2012年6月4日01時29分 読売新聞）