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1. Прочитайте и переведите текст устно

Exchange rates

• The Bretton Woods agreement of 1944 established fixed exchange rates, defined in terms of gold and the US dollar. Between 1944 and 1971, many currencies were pegged against the US dollar, i.e. their parities with the US dollar were fixed. In this period, a US dollar was a promissory note issued by the United States Treasury. If anybody requested it, the Treasury had to exchange the note for 1/35th of an ounce of gold. Under this system, overvalued or undervalued currencies could only be adjusted with the agreement of the International Monetary Fund. Such adjustments are called devaluations and revaluations. The Bretton Woods system of gold convertibility and pegging against the dollar was abandoned in 1971, because following inflation, the Federal Reserve did not have enough gold to guarantee the American currency.

• Gold convertibility was replaced by a system of floating exchange rates. (Today, the US dollar - the unofficial world currency - is merely a piece of paper on which is written 'In God We Trust.' God, not gold!) A freely (or clean) floating exchange rate is determined purely by supply and demand. Theoretically, in the absence of speculation, exchange rates should reflect purchasing power parity - the cost of a given selection of goods and services in different countries. Proponents of floating exchange rates, such as Milton Friedman, argued that currencies would automatically establish stable exchange rates which would reflect economic realities more precisely than calculations by central bank officials. Yet they underestimated the impact of speculation, and the fact that companies and investors frequently follow short-term money market trends even if these are contrary to their own long-term interests.

• In the late 1970s and early 1980s, the American, British and other governments deregulated their financial systems, and abolished all exchange controls. Residents in these countries are now able to exchange any amount of their currency for any other convertible currency. This has led to the current situation in which 95% of the world's currency transactions are unrelated to transactions in goods but are purely speculative. Enormous amounts of money move round the world, chasing high interest rates or capital gains, as investors - including rich individuals, companies and pension funds - seek to maximize the value of their assets. In London alone, in the late 1990s, over $300 billion worth of currency was traded on an average day - the equivalent of about 30% of the value of the goods Britain produces each year. Banks, of course, make a profit from the spread between a currency's buying and selling prices.

• Few governments, however, leave exchange rates wholly at the mercy of market forces. Most of them attempt to influence the level of their currency when necessary. Managed (or dirty) floating exchange rates are more common than freely floating ones. For example, in the 1980s, most Western European governments joined the EMS (European Monetary System), which established parities between member currencies. There was also an Exchange Rate Mechanism (ERM): if the rate diverged by more than plus or minus 24 per cent from the central parity, central banks had to intervene in exchange markets, buying or selling in order to increase or decrease the value of their currency.

• Yet international speculators can be more powerful than governments. For example, on a single day in September 1992 the Bank of England lost five billion pounds in a hopeless attempt to support the pound sterling. For weeks, all the world's financial institutions and rich individuals had been selling their pounds, as everyone except the British Government believed that the pound had been seriously overvalued ever since it joined the ERM in 1990. When the British central bank ran out of reserves and could no longer buy pounds, the currency was withdrawn from the ERM and allowed to float, instantly losing about 15% of its value against the D-mark. The next year, speculators attacked five other European currencies, and the European Monetary System was suspended. It was later reintroduced in a looser form.

• Many manufacturers are in favour of fixed exchange rates, or a single currency. Although it is possible to some extent to hedge against currency fluctuations by way of futures contracts, forward planning is difficult when the price of raw materials bought from abroad, or the price of your products in export markets, can rise or fall by 50% in only a few months. (Since exchange controls were abolished, currencies including the US$ and the Ј sterling have in turn appreciated by up to 100% and then depreciated by more than 50% against the currencies of major trading partners.)

• Pressure from industrialists and governments led to the introduction of the euro. Twelve countries fixed their exchange rates against the new currency, and beginning in 1999 the new currency was used as a means of payment between companies and in foreign trade, and bonds were denominated in it. The euro came into existence as a real currency in 2002, when the old notes and coins in the twelve member countries were withdrawn.

2. Соотнесите английские слова и словосочетания с русскими эквивалентами

1-g 6-d

2-h 7-e

3-b 8-i

4-j 9-a

5-c 1-0f

3. Соедините начало предложений с их продолжением

1. To `peg' a currency against a. the amount of a country's money that something means to residents were able to change into foreign currencies.

2. A clean floating exchange rate b. fix its value in relation to it.

3. Exchange controls used to limit c. make a profit by making capital gains or by investing at higher interest rates

4. Speculators buy or sell currencies d. is determined by supply

in order to and demand.

5. Market forces' means e. trying to insure against favorable price movements by way of futures contracts.

6. Hedging' means f. the determination of price by supply and demand (the quantity available and the quantity bought and sold)

1b, 2d, 3a, 4c, 5f, 6e

4. Прочитайте A и B абзацы, выпишите глагол «to be» и определите его функции

Between 1944 and 1971, many currencies were pegged against the US dollar, i.e. their parities with the US dollar were fixed. - вспомогательный глагол

In this period, a US dollar was a promissory note issued by the United States Treasury.. - глагол-связка

Under this system, overvalued or undervalued currencies could only be adjusted with the agreement of the International Monetary Fund. - вспомогательный глагол

Such adjustments are called devaluations and revaluations. - вспомогательный глагол

The Bretton Woods system of gold convertibility and pegging against the dollar was abandoned in 1971, - вспомогательный глагол

B) Gold convertibility was replaced by a system of floating exchange rates. - вспомогательный глагол

(Today, the US dollar - the unofficial world currency - is merely a piece of paper on which is written 'In God We Trust.' God, not gold!). - глагол-связка

A freely (or clean) floating exchange rate is determined purely by supply and demand. - вспомогательный глагол

investors frequently follow short-term money market trends even if these are contrary to their own long-term interests. - глагол-связка

5. Определите значение окончания s, es, `s в предложениях из C и D абзацев и запишите их в таблицу, приведенную ниже

6. Найдите и предложения в Passive Voice (E, F абзацы) подчеркните и переведите их

E) For weeks, all the world's financial institutions and rich individuals had been selling their pounds, as everyone except the British Government believed that the pound had been seriously overvalued ever since it joined the ERM in 1990. - В течение нескольких недель все мировые финансовые институты и богатые люди продавали свои фунты, поскольку все, кроме британского правительства, полагали, что фунт был серьезно переоценен с момента его присоединения к механизму обменного курса валют в 1980 г.

When the British central bank ran out of reserves and could no longer buy pounds, the currency was withdrawn from the ERM and allowed to float, instantly losing about 15% of its value against the D-mark. - Когда центральный банк Британии истощил свои запасы и больше не смог покупать фунты, эту валюту освободили от механизма обменного курса валют и позволили ей колебаться, постоянно теряя 15% своей стоимости относительно немецкой марки.

The next year, speculators attacked five other European currencies, and the European Monetary System was suspended. - В следующем году, биржевые дельцы атаковали еще пять европейских валют, и европейская денежная система перестала существовать.

It was later reintroduced in a looser form. - Позже она была снова введена, но в более свободной форме.

F) (Since exchange controls were abolished, currencies including the US$ and the Ј sterling have in turn appreciated by up to 100% and then depreciated by more than 50% against the currencies of major trading partners.) - Поскольку валютное регулирование было отменено, цена на валюты, включая американские доллары и фунты стерлингов, была повышена на 100%, а затем понижена более чем на 50% относительно валют основных торговых партнеров.

7. Следующие прилагательные из текста напишите в сравнительной и превосходной степени

8. Напишите правильны (T) или неправильны (F) следующие утверждения

• Gold convertibility was abandoned because there was too much gold. - F

• It is now impossible to exchange dollars for gold. - T

• Only a pegged currency can be devalued or revalued. - F

• A floating currency can either appreciate or be devalued. - T

• Central banks sometimes attempt to decrease the value of their currency. - T

• The EMS was designed to stabilize exchange rates. - T

• To speculate is to take risks; to hedge is to try to avoid risks. - T

• Under the system of floating exchange rates, currencies can depreciate 100% in a short time. - T

9. Ответьте на вопросы письменно. Ответы начинайте с oдной из фраз приведенных ниже

It would seem to me that…; In my opinion…I reckon…;

As far as I am able to judge…; As I see it….

1. What did the Bretton Woods agreement establish? - I reckon, the Bretton Woods agreement of 1944 established fixed exchange rates, defined in terms of gold and the US dollar.

2. When was the Bretton Woods system abandoned? - The Bretton Woods system of gold convertibility and pegging against the dollar was abandoned in 1971, because following inflation, the Federal Reserve did not have enough gold to guarantee the American currency.

3. Gold convertibility was replaced by a system of floating exchange rate, wasn't it? - Yes, it was. Gold convertibility was replaced by a system of floating exchange rates.

4. Who can be more powerful than governments? - International speculators can be more powerful than governments. наказан

5. Are many manufacturers in favour of fixed exchange rates, or a single currency? - Many manufacturers are in favour of fixed exchange rates, or a single currency.

6. What led to the introduction of the euro? - Pressure from industrialists and governments led to the introduction of the euro.

7. Did twelve countries fix or float their exchange rates against the new currency? - Twelve countries fixed their exchange rates against the new currency.

8. Was the new currency used as a means of payment between companies? - Yes, it was. Beginning in 1999 the new currency was used as a means of payment between companies and in foreign trade, and bonds were denominated in it.

9. The euro came into existence as a real currency in 2002, didn't it? - The euro came into existence as a real currency in 2002, when the old notes and coins in the twelve member countries were withdrawn.

10 When were the old notes and coins in the twelve member countries withdrawn? - In 2002.

10. Составьте 8 вопросов по тексту

английский окончание сравнительный вопрос

a) General (общий вопрос)

Was the new currency used as a means of payment between companies?

Did the Bretton Woods agreement of 1944 establish fixed exchange rates?

b) Special (специальный вопрос)

When were the old notes and coins in the twelve member countries withdrawn?

What led to the introduction of the euro?

c) Alternative (альтернативный вопрос)

Are many manufacturers in favour of fixed exchange rates, or a single currency?

Did twelve countries fix or float their exchange rates against the new currency?

d) Disjunctive (разделительный вопрос)

The euro came into existence as a real currency in 2002, didn't it?

Gold convertibility was replaced by a system of floating exchange rate, wasn't it?

11. Письменно переведите абзац G, обратите внимание на перевод Active and Passive voice

G) Pressure from industrialists and governments led to the introduction of the euro. Twelve countries fixed their exchange rates against the new currency, and beginning in 1999 the new currency was used as a means of payment between companies and in foreign trade, and bonds were denominated in it. The euro came into existence as a real currency in 2002, when the old notes and coins in the twelve member countries were withdrawn.

Давление со стороны промышленников и правительства привело к вводу евро. 12 стран зафиксировали свои обменные курсы относительно новой валюты, и начиная с 1999 новая валюта стала использоваться в качестве средства оплаты между компаниями и в международной торговле, и ценные бумаги стали выражаться в этой валюте. Евро стал существовать в качестве настоящей валюты в 2002 г., когда прежние банкноты и монеты в 12 странах - членах соглашения были изъяты из обращения.

12. Составьте свои предложения на английском языке, включая следующие слова и выражения из текста

Fixed exchange rates, The International Monetary Fund, devaluation, convertibility, supply and demand, floating exchange rates, financial system.

Exchange rates can be fixed and floating.

The Bretton Woods agreement of 1944 established fixed exchange rates

Under this system, overvalued or undervalued currencies could only be adjusted with the agreement of the International Monetary Fund.

Such adjustments are called devaluations and revaluations.

Gold convertibility was replaced by a system of floating exchange rates.

A freely (or clean) floating exchange rate is determined purely by supply and demand.

Financial system of a country depends on many factors.

Список литературы

1. Попок Н.В. и др. Экзамен по английскому языку. Справочное пособие. «ТетраСистемс», Мн., 2009.

2. Федорова Н.В. Английская грамматика в таблицах и с юмором. М., Издат-Школа, 2010.

4. Христорождественская Л.П. Английский язык. Практический курс. 1-2, Мн., Харвест, 2008.

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