The fashionable idea of allowing banks to issue “contingent capital” (debt that becomes equity in a systemic crisis) is no more credible than the idea of committing to punish banks severely in the event of a crisis. A simpler and more transparent system would ultimately lead to more lending and greater stability, not less.
流行的意见是允许银行发行“或有资本”（在发生系统性危机是转变为股权的债务），该意见比承诺发生危机时严惩银行的方案可信得多。更简单、更透明的系统最终将增加贷款、增强稳定性，而不是相反。让金融市场监管回归明智刻不容缓。