Central banks cannot concentrate only on cleaning up after crises; the costs of financial instability are too high. Rather, as recent events have amply shown, the monetary authority must lean against excesses as they develop.
全球信用危机爆发时，第一个问题的答案毋庸置疑。“抑制与救济”（lean versus clean）之争的胜者是显而易见的。央行不可能只关注危机后的救济工作；金融动荡的代价太高昂了。相反，最近的事件充分表明，货币当局必须在过度发展过程中抑制它。