Before the crisis, financial regulation focused on averting the failure of individual banks – and was not much good at that. Now there is much more focus on preventing systemic crises. In the jargon, we have moved from focusing on “microprudential regulation” to a much greater emphasis on “macroprudential regulation”. In the UK, this shift has resulted in the creation of the Financial Policy Committee, which has just published its thinking on the powers it wants and the tools it intends to use.
危機爆發之前，金融監管的重點是避免單個銀行的破產，但在這一點上做得不盡如人意。如今，金融監管的重點更多地放在防範系統性危機上。用術語來說，我們已從注重「微觀審慎監管」轉向更加註重「宏觀審慎監管」。在英國，這一轉變催生了金融政策委員會(Financial Policy Committee)，它剛剛公佈了關於希望擁有何種權力和打算使用何種工具的想法。
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