Central bankers, like the British army in Singapore, are aiming their weapons in the wrong direction. It is time for them to turn their policy arsenal toward today’s enemy: financial instability.
央行官员就像是新加坡的英军，将火炮对准了错误的方向。他们应该改变政策军火库，让它们对准今天的敌人：金融动荡。光凭这一点，货币政策正常化就是一个十分紧迫的任务。