包容性资本主义大会演讲稿（带翻译）

　　正如温斯顿·丘吉尔曾说过的，“我宁可看到金融位谦而产业位尊”。

　　The good news is that the international community has made progress on the reform agenda. This is especially true for banking regulation under the auspices of the Basel Committee, where we are moving forward with stronger capital and liquidity requirements. This should make the system safer, sounder, and more service oriented.

　　好消息是，国际社会在改革议程上已经取得一定进展。巴塞尔委员会领导下的银行监管改革尤其如此，资本和流动性要求正在增强。这会使金融体系更加安全、更加稳健、更加以服务为导向。

　　The bad news is that progress is still too slow, and the finish line is still too far off. Some of this arises from the sheer complexity of the task at hand. Yet, we must acknowledge that it also stems from fierce industry pushback, and from the fatigue that is bound to set in at this point in a long race.

　　坏消息是，进展仍然太慢，我们距离终点线还是太远。这在一定程度上是因为这项任务非常复杂。但我们必须承认这也是因为我们面临巨大的行业阻力，并且在漫长的过程中已经产生疲劳情绪。

　　A big gap is that the too-big-to-fail problem has not yet been solved. A recent study by IMF staff shows that these banks are still major sources of systemic risk. Their implicit subsidy is still going strongly—amounting to about $70 billion in the US, and up to $300 billion in the Euro Area.

　　一个重要缺口是，“太大而不能倒”问题尚未得到解决。基金组织工作人员最近开展的一项研究显示，这些银行仍是系统性风险的重要来源。它们的隐性补贴依然很高——在美国约为 700亿美元，在欧元区高达 3000亿美元。

　　So clearly, ending too-big-to-fail must be a priority. That means tougher regulation and tightersupervision.

　　所以，解决“太大而不能倒”问题显然是一个优先任务。这意味着需要实行更严格的监管。

　　Here, I believe that the new capital surcharges for systemic banks can work. We estimated that increasing the capital ratio on these banks by 2½ percent, beyond the Basel III standard, can reduce the systemic risk of a trillion dollar bank by a quarter. This is a big deal.

　　在这方面，我认为，新的针对系统性银行的资本附加要求能够发挥作用。我们估计，在巴塞尔 III标准的基础上，将对这些银行的资本比率要求进一步提高 2.5个百分点，能够使规模达到万亿美元的银行的系统性风险下降四分之一。这种改善相当显著。

　　Yet the problem will not go away without steps to reduce the potential for contagion. First on the agenda should be an agreement on cross-border resolution of megabanks—providing a framework to unwind them in an orderly way in case of failure. This is a gaping hole in the financial architecture right now, and it calls for countries to put the global good of financial stability ahead of their parochial concerns.

　　不过，如果不采取步骤降低发生波及效应的可能性，问题还是得不到解决。首先应就大型银行的跨境破产处置达成一致——提供一个框架，在这些银行经营失败时，能够有序地关闭它们。这个问题是目前金融架构中的一个重要漏洞，在这方面，各国应将全球金融稳定目标置于本国考虑因素之上。

　　And we should not give up just because it is hard. Let me quote John Fitzgerald Kennedy here, who famously said that “we choose to go to the moon not because it is easy, but because it is hard”.

　　我们不应仅仅因为难而放弃。我想引用约翰·肯尼迪说过的一句著名的话：“我们想登上月球，不是因为这很容易，而且因为这很难。”

　　We also need more vigor across the rest of the reform agenda—better rules for nonbanks, better monitoring of shadow banks, and better safety and transparency over derivatives, an area that is still today excessively obscure and complex. To reduce the scope for contagion, I would like to see much more progress on cross-border issues, for example, in the mutual recognition of rules for derivatives markets.

　　我们也需更有力地推进其他改革——改善针对非银行机构的规则，对影子银行进行更好的监控，提高衍生产品的安全性和透明度(这一领域目前仍然过于模糊和复杂)。同样，为了降低产生波及效应的可能性，跨境问题需要取得更多进展，例如，共同确定衍生产品市场的规则。

　　Again, this is complex, and we need to be mindful of the risks of fragmenting the global financial system and hampering the flow of credit to finance investment. But complexity is not an excuse for complacency and delay.

　　同样，这很复杂，我们需要考虑到分割全球金融体系以及阻碍投资信贷流动的风险。但不能因为这个问题复杂，就安于现状和拖延不前。

　　Changing behavior and culture

　　改变行为和文化

　　As well as regulation, we need stronger supervision. Rules are only as good as their implementation. This calls for greater resources, and independence, for the supervisors who perform such a vital public duty, day in and day out.

　　除了改革监管规定之外，我们还需要加强监督。规则只有被执行才有效。因此，对于执行这种重要公共职能的监督机构，必须增加其资源，提高其独立性。

　　Yet regulation and supervision by themselves are still not enough. Rules can certainly affect behavior—think of compensation practices, for example. But people who want to skirt the rules will always find creative ways of doing so.

　　但是，监管本身并不够。规则显然会影响行为——例如，想一想薪酬方面的做法。但想要逃避规则的人总是能找到新的办法。

　　So we also need to turn our attention to the culture of financial institutions, and to the inpidual behavior that lies beneath. Incentives must be aligned with expected behavior and be made transparent.

　　所以，我们需要把注意力转到金融机构的文化，以及根本的个人行为。激励机制必须与预期行为相协调，并且必须是透明的。

　　Here, the work of the FSB on Principles for Sound Compensation Practices, commissioned by the G20, is instrumental to realign incentives with actual performance. We must push on with implementation.

　　在这方面，二十国集团委托金融稳定委员会在“稳健薪酬做法原则”方面开展的工作是有益的，这一措施能够促进激励机制与实际业绩之间的重新协调。我们必须推进这项工作的落实。

　　Why is this so important? Because the behavior of the financial sector has not changed fundamentally in a number of dimensions since the crisis. While some changes in behavior are taking place, these are not deep or broad enough. The industry still prizes short-term profit over long-term prudence, today’s bonus over tomorrow’s relationship.

　　为什么这非常重要?这是因为在很多方面，金融部门的行为自危机以来没有发生根本变化。尽管行为有所变化，但这种变化不够深或不够广。金融行业依然更加重视短期利润，而不是长期审慎;更加重视今天的奖金，而不是明天的关系。

　　Some prominent firms have even been mired in scandals that violate the most basic ethical norms—LIBOR and foreign exchange rigging, money laundering, illegal foreclosure.

　　一些知名的公司甚至陷入违背最基本道德原则的丑闻——操纵 LIBOR和外汇，洗钱，非法取消赎回权。

　　To restore trust, we need a shift toward greater integrity and accountability. We need a stronger and systematic ethical dimension.

　　为了恢复信任，我们需要加强诚信和问责。我们需要更强、更系统的道德因素。

　　In grappling with this, it helps to go back to the ancient philosophers. They would have raised the most basic question—what is the social purpose of the financial sector? Or, as Aristotle would have asked: “what is its telos?”

　　在这方面，我们可以请教古代哲人。他们会提出最基本的问题——金融部门的社会目的是什么?或者，正如亚里士多德会问的：“它的最终目的是什么?”

　　He answered his own question: “Wealth is evidently not the good we are seeking; for it is merely useful and for the sake of something else”. Or as Oscar Wilde put it, “the true perfection of man lies, not in what man has, but in what man is”.

　　亚里士多德是这样回答自己提出的问题的：“财富显然不是我们所追求的，因为财富只是有用而已，只是为了达到别的目的。”或者，正如奥斯卡·王尔德所说的：“人的真正完善不在与他拥有什么，而在于他是怎样的人。”

　　From this perspective, we can identify the true purpose of finance. Its goal is to put resources to productive use, to transform maturity, thereby contributing to the good of economic stability and full employment—and ultimately, to the wellbeing of people. In other words—to enrich society.

　　从这一角度，我们可以确定金融的真正目的。其目标是将资源投入生产性用途，转换资金期限，从而促进经济稳定和充分就业，最终，使人们生活得更好。换句话说——增进社会繁荣。

　　In Aristotle’s framework, once we know the purpose, we can identify the virtues needed to fulfill it. It becomes a matter of every person doing the right thing.

　　在亚里士多德的框架中，一旦我们知道了目的，我们就能确定达到这一目的所需的美德。这就是，每个人要做正确的事。

　　When we think about finance, surely one of these core virtues is prudence—which is about stewardship, sustainability, and safeguarding the future. Prudence has long been a byword of banking, and yet has been sorely missing in action in recent times.

　　说到金融，显然，核心美德之一是审慎——管理、可持续、对未来的保障。长期以来，“审慎”一直是银行业的格言，而近些年却完全缺失了。

　　We know that regaining virtues like prudence will not happen overnight. Aristotle teaches us that virtue is molded from habit, from developing and nurturing good behavior over time. As with anything worth doing, practice makes perfect.

　　我们知道，重新找回审慎这样的美德不是一朝一夕的事。亚里士多德告诉我们，美德是从习惯、从长期培养良好行为而形成的。正如做所有事情一样，熟能生巧。

　　Getting back on the right path requires education and leadership that is sustained over many years. It requires alert watchdogs, including from civil society.

　　为了回到正确的道路，需要多年持续的教育和领导，需要警觉的监督，包括来自民间社会的监督。

　　Most importantly of all, it requires investors and financial leaders taking values as seriously as valuation, culture as seriously as capital.

　　最重要的是，投资者和金融领导者必须像重视价格一样重视价值，像重视资本一样重视文化。

　　As Mark Carney pointed out in an admirable speech in Canada last year, the financial sector needs to be grounded in strong connections to clients and to communities—to the people served by the financial industry.

　　正如马克·卡尼去年在加拿大发表的一篇出色讲话中所说的，金融部门需要扎根于与客户和社会的紧密联系——与金融业所服务的人民的紧密联系。

　　Ultimately, we need to ingrain a greater social consciousness—one that will seep into the financial world and forever change the way it does business.

　　最终，我们需要确立更牢固的社会意识——能够渗入金融世界、永远改变金融业运作方式的社会意识。

　　The good news is that we are seeing some positive signs. The Inclusive Capitalism Initiative is one such example—pursuing practical ways to make capitalism an engine of economic opportunity for all.

　　好消息是，我们已经看到一些积极的迹象。“包容资本主义倡议”就是其中一例——探索实用的方法，使资本主义为所有人创造经济机会。

　　We can draw some parallels here with our expanding environmental consciousness. Not so long ago, we had much higher levels of pollution, and littering was commonplace. Today, we are more educated about these issues, and more in the habit of respecting the planet.

　　我们可以用我们不断增强的环境意识作个类比。并不太久以前，我们的污染水平比现在高得多，乱丢垃圾的行为随处可见。今天，我们更了解这些问题，更注意保护我们的星球。

　　By comparison, the equivalent kind of awareness in the financial sector—the idea that private misbehavior can have a broader social cost—is only in its early stages. It is akin to the initial period of environmental consciousness, which focused on the banning of lead from petroleum products.

　　相比而言，对金融部门的同样意识——私人行为不当可能带来更广泛的社会代价——只是处在初期阶段。这类似于环境意识的初期阶段，那时的重点是禁止石油产品含铅。

　　Just as we have a long way to go to reduce our carbon footprint, we have an even longer way to go to reduce our “financial footprint”.

　　正如我们在减少“碳足迹”方面有很长一段路要走，我们在减少“金融足迹”方面更加任重道远。

　　Yet we must take those steps.

　　但我们必须迈出步子。

　　I realize that these are deeper questions than economists and policymakers are normally comfortable talking about. Yet I also believe the link is clear—ethical behavior is a major dimension of financial stability.

　　我意识到，比起经济学家和政策制定者通常愿意讨论的问题，这些问题更加深入。但我相信这种联系是清晰的——道德行为是金融稳定的一个主要方面。

　　Conclusion

　　结语

　　Let me conclude. The topic of inclusive capitalism is obviously a vast one. I could have talked about many different aspects: women’s exclusion, disregard for the environment, corporate social responsibility.

　　我来作个总结。包容性资本主义显然是一个巨大的论题。我可以讲很多不同方面：女性被排斥，对环境的漠视，公司的社会责任。

　　Yet I wanted to focus my remarks today on the behavior that continues to deplete the treasury of trust and could again destabilize the global economy.

　　但是，我想把今天讲话的重点放在那些继续损害信任、可能再次破坏全球经济稳定的行为。

　　This is why the work of your Initiative is so important. It needs to infuse the consciousness of all economic leaders, across all sectors and countries.

　　这就是为什么“包容资本主义倡议”的工作如此重要。它需激发所有部门和国家的所有经济领导者的意识。

　　At the end of the day, when the global economy is more inclusive, the gains are less elusive. The market is more effective, and a better future—for everyone—is more likely.

　　最终，当全球经济更加包容，我们就更能取得进展。市场更有效，每个人更有可能享受更美好的未来。

　　Thank you very much.

　　十分感谢。