評(píng)論
打印
Changing behavior and culture
改變行為和文化
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.
除了改革監(jiān)管規(guī)定之外，我們還需要加強(qiáng)監(jiān)督。規(guī)則只有被執(zhí)行才有效。因此，對(duì)于執(zhí)行這種重要公共職能的監(jiān)督機(jī)構(gòu)，必須增加其資源，提高其獨(dú)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，監(jiān)管本身并不夠。規(guī)則顯然會(huì)影響行為——例如，想一想薪酬方面的做法。但想要逃避規(guī)則的人總是能找到新的辦法。
So we also need to turn our attention to the culture of financial institutions, and to the individual behavior that lies beneath. Incentives must be aligned with expected behavior and be made transparent.
所以，我們需要把注意力轉(zhuǎn)到金融機(jī)構(gòu)的文化，以及根本的個(gè)人行為。激勵(lì)機(jī)制必須與預(yù)期行為相協(xié)調(diào)，并且必須是透明的。
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.
在這方面，二十國(guó)集團(tuán)委托金融穩(wěn)定委員會(huì)在“穩(wěn)健薪酬做法原則”方面開展的工作是有益的，這一措施能夠促進(jìn)激勵(lì)機(jī)制與實(shí)際業(yè)績(jī)之間的重新協(xié)調(diào)。我們必須推進(jìn)這項(xiàng)工作的落實(shí)。
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.
為什么這非常重要？這是因?yàn)樵诤芏喾矫妫鹑诓块T的行為自危機(jī)以來(lái)沒有發(fā)生根本變化。盡管行為有所變化，但這種變化不夠深或不夠廣。金融行業(yè)依然更加重視短期利潤(rùn)，而不是長(zhǎng)期審慎；更加重視今天的獎(jiǎng)金，而不是明天的關(guān)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違背最基本道德原則的丑聞——操縱 LIBOR和外匯，洗錢，非法取消贖回權(quán)。
To restore trust, we need a shift toward greater integrity and accountability. We need a stronger and systematic ethical dimension.
為了恢復(fù)信任，我們需要加強(qiáng)誠(chéng)信和問責(zé)。我們需要更強(qiáng)、更系統(tǒng)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?”
在這方面，我們可以請(qǐng)教古代哲人。他們會(huì)提出最基本的問題——金融部門的社會(huì)目的是什么？或者，正如亞里士多德會(huì)問的：“它的最終目的是什么？”
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”.
亞里士多德是這樣回答自己提出的問題的：“財(cái)富顯然不是我們所追求的，因?yàn)樨?cái)富只是有用而已，只是為了達(dá)到別的目的。”或者，正如奧斯卡·王爾德所說(shuō)的：“人的真正完善不在與他擁有什么，而在于他是怎樣的人。”
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.
從這一角度，我們可以確定金融的真正目的。其目標(biāo)是將資源投入生產(chǎn)性用途，轉(zhuǎn)換資金期限，從而促進(jìn)經(jīng)濟(jì)穩(wěn)定和充分就業(yè)，最終，使人們生活得更好。換句話說(shuō)——增進(jìn)社會(huì)繁榮。
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.
在亞里士多德的框架中，一旦我們知道了目的，我們就能確定達(dá)到這一目的所需的美德。這就是，每個(gè)人要做正確的事。
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.
說(shuō)到金融，顯然，核心美德之一是審慎——管理、可持續(xù)、對(duì)未來(lái)的保障。長(zhǎng)期以來(lái)，“審慎”一直是銀行業(yè)的格言，而近些年卻完全缺失了。
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.
我們知道，重新找回審慎這樣的美德不是一朝一夕的事。亞里士多德告訴我們，美德是從習(xí)慣、從長(zhǎng)期培養(yǎng)良好行為而形成的。正如做所有事情一樣，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.
為了回到正確的道路，需要多年持續(xù)的教育和領(lǐng)導(dǎo)，需要警覺的監(jiān)督，包括來(lái)自民間社會(huì)的監(jiān)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，投資者和金融領(lǐng)導(dǎo)者必須像重視價(jià)格一樣重視價(jià)值，像重視資本一樣重視文化。
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.
正如馬克·卡尼去年在加拿大發(fā)表的一篇出色講話中所說(shuō)的，金融部門需要扎根于與客戶和社會(huì)的緊密聯(lián)系——與金融業(yè)所服務(wù)的人民的緊密聯(lián)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.
最終，我們需要確立更牢固的社會(huì)意識(shí)——能夠滲入金融世界、永遠(yuǎn)改變金融業(yè)運(yùn)作方式的社會(huì)意識(shí)。
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，我們已經(jīng)看到一些積極的跡象。“包容資本主義倡議”就是其中一例——探索實(shí)用的方法，使資本主義為所有人創(chuàng)造經(jīng)濟(jì)機(jī)會(huì)。
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.
我們可以用我們不斷增強(qiáng)的環(huán)境意識(shí)作個(gè)類比。并不太久以前，我們的污染水平比現(xiàn)在高得多，亂丟垃圾的行為隨處可見。今天，我們更了解這些問題，更注意保護(hù)我們的星球。
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，對(duì)金融部門的同樣意識(shí)——私人行為不當(dāng)可能帶來(lái)更廣泛的社會(huì)代價(jià)——只是處在初期階段。這類似于環(huán)境意識(shí)的初期階段，那時(shí)的重點(diǎn)是禁止石油產(chǎn)品含鉛。
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”.
正如我們?cè)跍p少“碳足跡”方面有很長(zhǎng)一段路要走，我們?cè)跍p少“金融足跡”方面更加任重道遠(yuǎn)。
Yet we must take those steps.
但我們必須邁出步子。
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.
我意識(shí)到，比起經(jīng)濟(jì)學(xué)家和政策制定者通常愿意討論的問題，這些問題更加深入。但我相信這種聯(lián)系是清晰的——道德行為是金融穩(wěn)定的一個(gè)主要方面。
Conclusion
結(jié)語(yǔ)
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.
我來(lái)作個(gè)總結(jié)。包容性資本主義顯然是一個(gè)巨大的論題。我可以講很多不同方面：女性被排斥，對(duì)環(huán)境的漠視，公司的社會(huì)責(zé)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，我想把今天講話的重點(diǎn)放在那些繼續(xù)損害信任、可能再次破壞全球經(jīng)濟(jì)穩(wěn)定的行為。
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.
這就是為什么“包容資本主義倡議”的工作如此重要。它需激發(fā)所有部門和國(guó)家的所有經(jīng)濟(jì)領(lǐng)導(dǎo)者的意識(shí)。
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.
最終，當(dāng)全球經(jīng)濟(jì)更加包容，我們就更能取得進(jìn)展。市場(chǎng)更有效，每個(gè)人更有可能享受更美好的未來(lái)。
Thank you very much.
十分感謝。
