The current crisis has come to be called a “balance-sheet recession” of global scope and tremendous depth and destructive power because of its origins in the balance sheets of the financial and household sectors. Extreme balance-sheet destruction is what made it distinctive. In the future, central banks and regulators will not be able to afford a narrow focus on (goods and services) inflation, growth, and employment (the real economy) while letting the balance-sheet side fend for itself.
目前的金融危机被称为全球的&quot;资产负债表式&quot;的萧条，之所以有如此深而广泛的破坏力，问题在于资产负债表上的金融和房屋项目上。资产负债表的破坏有其特殊性。在未来，央行和各国监管机构不能仅仅把焦点放在（货物和服务的）通胀，增长和（真实经济的）就业状况上，还需要兼顾资产负债表的变化。例如对稳定性的保证，衡量资产的可持续性，金融杠杆和 资产负债表等都需要我们密切地关注。