Global imbalances have finally made it on to the agenda of the Group of 20 summit. It looked for a while as though the world's most powerful leaders, obsessed with the minutiae of banking regulation, would turn themselves into the political wing of the Basel committee. We are still a long way away from dealing with the underlying causes of the crisis in an effective manner, but at least there is now an official recognition that the crisis is not just about financial regulation and supervision, but that it has deeper roots in global macroeconomic policy.
全球失衡終于提上了20國集團(tuán)(G20)峰會的議程。一段時間以來，這些全球最具權(quán)勢的領(lǐng)導(dǎo)人糾纏于銀行業(yè)監(jiān)管的細(xì)枝末節(jié)，就像是要把自己變成巴塞爾委員會(Basel committee)的一個政治分支。要有效地解決危機(jī)的根本起因，我們?nèi)匀蝗沃囟肋h(yuǎn)，但現(xiàn)在人們至少已正式承認(rèn)，問題不僅僅出在金融監(jiān)管和監(jiān)督上面，而是在全球宏觀經(jīng)濟(jì)政策方面存在著更深層的原因。