指令草案由行动性条款构成。指令草案的行动措施要立即、有效，避免长远规划。

The actions taken under the directive need to be instant and effective instead of long-term.

youdao

只有在2013年以后由欧洲国家发行的新债券才能冒重建债券的风险，因为这些新债券带有新的标志性的“集体行动条款”性质。

Only new bonds issued by euro-zone states after 2013, which will all carry identical new “collective action clauses” (CACs), would be at risk of having the bonds restructured.

youdao

只有在2013年以后由欧洲国家发行的新债券才能冒重建债券的风险，因为这些新债券带有新的标志性的“集体行动条款”性质。

Only new bonds issued by euro-zone states after 2013, which will all carry identical new "collective action clauses" (CACs), would be at risk of having the bonds restructured.

youdao