highway roadblock Washington State Dept of Transportation/Flickr

欧洲长期投资障碍

阿姆斯特丹—欧洲经济所面临的重大挑战之一是其资本市场缺乏流动性。自2008年全球金融危机以来,欧洲已经实施了大量新规则。为了促进欧洲所急需的长期投资,明智的做法是重新评估过去六年中所浮现的监管大环境。

由于银行不愿发放新贷款,退休基金等机构就成了解资本之渴的近水。事实上,几十年后才会退休的工人的储蓄特别适合长期投资。麻烦之处在于,在许多情形中,规则和监管总是倾向于确保金融市场的稳定性,而牺牲了退休基金和其他资金平滑有效地配置储蓄的能力。

合理监管的重要性怎么强调都不过分。内容和应用合理的监管能确保金融稳定,维持(并且在必要时重塑)市场信心,也有利于长期投资,有助于公民满足未来金融需要。但如果监管措施与各种类型的市场参与者不匹配,与市场实际运转情况不匹配,那么它们可能扼杀本可以有利于投资者和经济的机会。

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