金融改革的突破之年

桑给巴尔—新一年有老预言:2013年将是金融改革的分水岭之年。诚然,尽管全球金融危机爆发已逾四年,美国的多德-弗兰克金融改革也在2010年便被通过,但华尔街的运作方式并没有什么变化——除了大公司变得更大、更有权势之外。但仍有不少理由期待新的一年中会有真正的进步。

美联储终于开始转变思维了。在今年秋天的一系列重要演讲中,美联储理事塔鲁罗(Dan Tarullo)明确指出,金融机构“太大而不能倒”的问题仍然没有消除。我们需要动用更多的措施降低系统性风险——包括限制最大银行的规模。新报告表明,美联储已经开始对一些银行并购说不。

与此同时,美国联邦存款保险公司(FDIC)已成为理智思考金融部门问题的重要堡垒。这部分是因为FDIC需要在金融部门企业倒闭时收拾残局,因此其高级官员有强烈的激励通过防止风险失控保护保险资金。FDIC不但起到了观念领袖作用,也是组织能力的先锋——其副主席霍尼格(Tom Hoenig)的演讲不容错过。

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