Third, what really matters for financial systems is the extent of equity financing – including how much equity banks are required to have. Current levels are so low – debt funds around 95% of total credit exposure in most big US banks (and a slightly higher share in big European banks) – that banks’ equity can be substantially wiped out by even moderate negative shocks.
第三，对金融体系来说，真正重要的是股权融资的程度——包括要求银行拥有多少股本。目前的要求水平太低了——大部分美国大银行的总信用暴露有大约95%来自债务融资（欧洲大银行的比例比美国还要略高一些）——即使是温和冲击也可能侵蚀大部分银行股本。