Some of the lessons about the need for prudential regulation of the financial system were lost in the Reagan-Thatcher era, when the appetite for massive deregulation was created in part by the flaws in Europe’s social-welfare model. Those flaws were reflected in yawning fiscal deficits, regulatory overkill, and a lack of economic dynamism that led to sclerotic growth then and the eurozone’s sovereign-debt crisis now.
金融体系必须得到审慎监管的教训，有好些被里根—撒切尔时代遗忘了，当时，鉴于欧洲社会福利模式存在一些缺陷，产生了放松监管的强烈倾向。那些缺陷表现为巨大的财政赤字、过度监管、经济缺乏活力，在当年导致增长粘滞，后遗症则是如今欧元区的主权债务危机。