Although rules on shadow-banking have yet to be formulated, another problem exposed by the crisis has abated: America’s external deficit has shrunk to a much more manageable 2-3% of GDP, accompanied by drops in the surpluses run by Japan and China. Global trade rebalancing has arrived.
尽管影子银行规则还有待制定，但另一个危机所暴露出来的问题已经消失：随着日本和中国外部盈余的下降，美国外部赤字已降至GDP的2—3%，这一水平比较容易管理。全球贸易初步平衡已经形成。