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One option is for central bankers to raise rates more enthusiastically and less predictably, to jolt financial markets and remind investors that the world is volatile.
對于央行銀行家而言，一個選項是更加熱情而且是少一些可預測性地升息，以便驚擾金融市場并提醒投資者世界是不穩定的。
Yet there are obvious perils with this course.
然而，這一過程存在著明顯的風險。
The tightening might prove excessive, tipping economies into recession.
收緊有可能被證明是過了，讓各個經濟體陷入衰退。
And with inflation in most big economies below central bankers' target, sharply higher rates are hard to square with their mandate.
而且，由于大多數大經濟體的通脹都在央行銀行家的目標之下，大幅升息難以與它們的法定任務相吻合。
Instead, caution calls for gradualism.
相反，謹慎呼喚循序漸進。
To minimise disruption, the reversal of quantitative easing should be stretched out.
為了使破壞最小化，量化寬松的反轉應當被拉長。
The Federal Reserve has set a good precedent by proposing to reduce its bondholdings at a leisurely pace and flagging the change well in advance.
美聯儲通過提議以一種從容悠閑的步伐來降低其債券持有并且事先警示其變化的方式帶了一個好頭。
When the time comes, its peers should follow suit.
當時機成熟時，其他央行也應當跟進。
Of these, the European Central Bank faces the trickiest challenge, because it has acted as, in effect, the backstop to euro-zone bond markets, a mechanism that otherwise the currency bloc still lacks.
其中，歐洲央行面臨最棘手的挑戰。因為，它實際上扮演了歐元區債券市場兜底者的角色，這是該貨幣區域仍然缺乏的一種機制。
But the main safety valve lies elsewhere, with banks and investors.
但是，主要的安全閥在別處，在銀行和投資者哪里。
Bitter experience has shown that debt-funded assets can magnify losses, causing financial crises.
痛苦的經歷表明，債務支撐的資產能夠放大損失，引發金融危機。
For this reason banks must be able to withstand any reversal of today's high asset prices and low defaults.
因此，銀行必須能夠經得起當今這種高資產價格和低違約的任何反轉。
That means raising bank capital in places where it is too low, especially the euro zone, and not backsliding on strenuous “stress tests” as America's Treasury proposes.
這意味著在銀行資本金太低的地方，尤其是歐元區，提高銀行資本金；并且還要像美國財政部所建議的那樣不要返回到耗費大量精力的“壓力測試”上面。
In the end, however, there may be no escape for investors from the low future returns and even losses that high asset prices imply.
然而，對于投資者來說，最后可能無法逃脫高資產價格所暗示的低未來回報甚至是損失。
They and regulators should take a leaf out of “The intelligent Investor”, and make sure that they have a margin of safety.
他們和監管者應當根據《聰明的投資者》照本宣科，確保自己有一個安全邊際。
