The danger for central banks stems from the fact that the implicit subsidies provided to major financial institutions are not measured in any budget. Moreover, the build-up of risk in the financial system that accompanies higher leverage is both hard to measure and likely to materialize only after a few years (for example, after a governor’s term of office has expired).
央行的风险在于一个事实，即给主要金融机构的隐性补贴不会在任何预算中表现出来。此外，与杠杆提高相伴而生的额金融系统内风险的堆积既难以测量，也只能在几年后（比如，在央行行长任期结束后）才能厘清。