ANDREAS DOMBRET COMMENT

摘要

Banks play a vital role in any modern economy and, indeed, in our everyday lives. We simply could not manage without them. Entrepreneurs, bankers and individuals alike: we all benefit from a stable banking and financial system. Financial stability is therefore a public good, not just nationally but also globally. At the same time, banking can sometimes involve external effects. It does not just affect banks and their business associates; it also has an impact on third parties with no stake in the game. During the financial crisis, those third parties were the taxpayers. Regulators and supervisors can rectify a market failure of this kind, and it is in the public interest for them to do just that. It is not a question of whether' but of 'how' to regulate. To clear up any misunderstandings right from the outset: it is not the job of regulators and supervisors to keep each and every bank in business. In a market economy, it has to be possible for banks without a workable business model to fail - however large, interconnected or significant they may be. The task of regulators is to create a framework in which market forces can take effect without destabilising the entire financial system.