金融监管殊难为之(下)

Regulating Finance Is Hard to Do (Ⅱ)

金融监管具有内生的复杂性,这种复杂性既来自于金融与技术创新,也来自于政治形势的复杂多变。然而,由于市场并非尽善尽美,依然要对金融实施监管。这就需要建立一种灵活的监管框架,该框架不仅要以公众利益至上,而且还要在持续变化的经济中做出适时的调整,并能够维持对金融市场参与者的合意激励。

The inherent complexity of financial regulation derives from both financial and technological innovations and changing political environment. Markets are not perfect, so financial regulation is needed. This calls for the creation of an agile regulatory structure that reflects the public interest and adapts to maintain sound incentives among financial market participants in a vibrant, growing economy.