And the regulatory boundary problem persists: risky activities may migrate to areas where regulation is lax and reproduce the problems with the shadow banking system that we have witnessed during the crisis. As a result, investment-banking operations might need to be rescued if they pose a systemic threat.
此外，监管边界问题依然存在：冒险行为可能被转移到监管较松的领域，形成影子银行系统，让问题死灰复燃——这正是当前危机的写照。结果，当投资银行业务造成了系统性风险时，人们就不得不出手救助。