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Submission? A proposal for an orderly EuroZone exit; The prize ￡390,000 dollars. And today turns out we have a winner.The Wolfson Economics Prize has been awarded to Roger Bootle and his team fromCapital Economics, that's a UK research consultancy, for their submission.
提交书？一份井然有序退出欧盟的提议；奖金为390，000美元。今天公布了赢家。沃尔芬森经济奖号授予了罗杰·布托尔及其团队凯投宏观所提交的研究报告，这是一家英国经济咨询机构。
Now after the Nobel Prize for Economics,what all we might hear is the second biggest cash prize awarded for this field.Roger Bootle's proposal is called "Leaving the Euro: A Practical Guide."He told us how it might work and why he thinks that a real Euro Zone exit ismore likely now than it's ever been.
目前，在大家所听说的经济学家奖项中，沃尔芬森经济学奖号称是奖金额仅次于诺贝尔奖的经济学家奖项。罗杰·布托尔的提议名为《离开欧盟：一份实用手册》。他告诉我们，退出欧盟的方法，并且他认为此时，以往任何时候都更可能发生退出欧盟的情况。
Well, I think the crisis has been buildingup gradually but continually, every so often you get an attempt to fix it orsomething, that's for traders, of fixing of it. And then it proves to beinadequate, which is just another one of those faces. I think the backgroundcrisis is actually intensifying, probably a breakup I would have mentioned: Isit anything more likely now than it was a few months ago?
我认为这一危机是逐渐累积的，但是也是连续的。经常地，你尝试地做一些修改或者为贸易者来说的一些修改。不过，这样的修修补补最后被证明是不够的，只不是同一修改的不同表现而已。我认为这一危机的背景确实业已强化，或者是我提到过的另一个词，已被破坏：难道此时不比几个月前更可能发生些什么吗？
Our plan envisages a country preparing insecret, a small group of officials. And then, enacting that plan very quickly,essentially overnight, announcing to the populous that domestic monetaryamounts have beenredenominated into a new currency,let's call it the drachma, at one for one. So a given amount in Euros becomesthe same amount in drachmas. Meanwhile, on the exchanges, on the foreignexchanges, the drachma depreciates sharply. Perhaps it would be one up to 1.7,2 to 1, we don't know. That's not a problem. That is the essence of thesolution.
我们预想:一个国家的一小组官员悄然着手准备，然后，极其快速地实施这一退出计划，比较理想的是在一夜之间，向公众宣布，国内货币额已经开始采取一种新的货币形式，让我们先举例称之为德国克马。因此给定的欧元货币额，此时为相同数量的德国克马货币额。同时，兑换时，及进行外汇兑换时，德国克马急剧贬值。可能会是1至1.7，2比1，我们无法得知。不过，那不是问题，反而是问题解决的根本之所在。
The country then redenominates all itsdebts, its domestic debt, into this currency. It establishes a newpolicyregime, bans wageindexation, establishes tightcontrols on fiscal policy. And then lies back and hopes, I think correctly,that before very long, that much lower exchange rate will bring renewedeconomic growth.
这个国家然后以这一货币形式重新表现了所有负债，国内负债。此时，它建立一种新的政策体制，禁止工资指数化，并对财政政策建立严格控制。到那时，该国可以休息一下，展开期待，我认为很可能地，经历很长的一段时间，极低的外汇汇率将重新带来经济增长。
