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Could sovereign debt be the new subprime?

A few weeks ago, Claudio Borio, head of research at the Bank for International Settlements, warned in a solemn note to Group of 20 leaders that modern financial policymakers are “driving while just looking in the rear view mirror”: western finance officials have focused so much on past risks that they fail to spot new dangers.

Worse still, as policymakers rush to implement reforms in response to one financial calamity, they are apt to create distortions that pave the way for the next disaster. Just such an unintended consequence could now be festering in the banking sector, as its balance sheets are increasingly stuffed with government bonds.

These days, there is a near-unanimous belief among Western regulators that one way to prevent a repeat of the 2007/2008 crisis is to stop banks taking crazy risks with subprime mortgage bonds or complex instruments such as collateralised debt obligations. Instead, banks are being urged to hold a higher proportion of their assets in the form of “safe” instruments, most notably sovereign or quasi-sovereign debt.G20 regulators are holding regular meetings in Basel to draw up rules on how banks should do this, as part of a wider reform of financial regulation.

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吉蓮•邰蒂

吉蓮•邰蒂(Gillian Tett)擔任英國《金融時報》的助理主編,負責全球金融市場的報導。2009年3月,她榮獲英國出版業年度記者。她1993年加入FT,曾經被派往前蘇聯和歐洲地區工作。1997年,她擔任FT東京分社社長。2003年,她回到倫敦,成爲Lex專欄的副主編。邰蒂在劍橋大學獲得社會人文學博士學位。她會講法語、俄語、日語和波斯語。

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