Banks serve a special function in the economy that does warrant a special role for the government: not in setting pay, but in imposing effective capital requirements. Higher and pro-cyclical equity-capital requirements on banks, combined with a requirement to raise contingent long-term debt – debt that converts into equity in a crisis – is a better way forward.
银行在经济中有着特殊的功能，政府在银行业也扮演着特殊的角色：不是在制定薪酬，而是在控制有效资本范畴。对银行的更高和顺周期的股权资本的要求，以及后备长期债券的要求 —— 在危机发生时债权将转换为股权 —— 就是一个更好的解决方式。