financial regulation【times and economist】by PassonChen

PassonChenUID: 2614331

New combatants in the political arena 标出文中的GRE级别词汇：红色
文章中应用的写作技巧：绿色
作者的写作思路主线：蓝色
适应于AW中的例子或者思路：紫色
注释：粉红
Rightly or wrongly, central banks will emerge from the crisis with a bigger role in the markets and in supervision. This will challenge another element of the pre-2007 consensus: that central banks be as far removed from politics as possible. Formal independence insulated the central bank from politicians’ desire to play fast and loose with inflation. And part of the appeal of “one tool, one target” was that it made monetary policy explicitly a technical rather than political affair.
提出了两点：市场和监管；后文分开处理的。
重申观点，并指出其意义（由于这是对全文的总结部分）：央行将会在市场中起到更大的作用，甚至会与政治化。这是对危机出现以前的经济模式的一个挑战。
One tool, one target: 即通过调整短期利率达到价格稳定这一目的的金融模式。他强调央行与政府的互不相干。
The divide between central banking and politics looks much less clean today. Unconventional policies often require a central bank to make loans that may not be repaid in full. Because taxpayers will bear any losses, finance ministries need some say. Credit allocation and tighter regulation make some firms winners and others losers, and so require more public accountability. With interest rates at zero, the Fed and the Bank of England are buying government debt to boost the quantity of credit and the money supply. But governments could come to rely on such purchases to finance budget deficits. The potential for political conflict extends abroad too. Having cut its rates to zero, the Swiss National Bank has bought foreign currency to drive down the Swiss franc. Some labelled this competitive devaluation.
指出现在的央行与政府之间的也或多或少有些瓜葛，为上面的观点作支撑。

Managing such conflicts is a delicate job. The Fed and the Treasury attempted to assuage concerns by releasing a joint statement affirming the Fed’s sole responsibility for price stability. Mr King broke a longstanding silence on fiscal policy to warn the British government against adding to a fast-growing national debt.
指出这种瓜葛甚至还不是那么简单，银政分离对政府不利，进一步支撑前面的观点。
Such tensions are unlikely seriously to dent the institutional protections built around central banks in recent decades. Last year Japanese opposition parties blocked the appointments of two candidates to head the Bank of Japan on the ground they were insufficiently independent of the government. There are exceptions: Iceland’s government amended the law so that it could fire David Oddsson, the head of its central bank. But Mr Oddsson had presided, first as prime minister and then as central-bank governor, over the policies that led to the country’s crisis.
这个两个例子可以用来说明央行与政府的关系：西方的央行受很大的力量保护以免受政府的干涉，如日本的情况；但艾尔兰的政府却对央行行使了强暴行为。
让步：指出央行政治化目前还是有困难的。但也有进攻。
Central bankers’ jobs matter even more than they did before 2007. At the same time, they have been drawing more criticism and political scrutiny. Public disapproval ratings have risen notably for Mr Bernanke, the Bank of England and the ECB. They are having to defend their policies to the public as well as to the markets. Mr Bernanke agreed to a profile by “60 Minutes”, a news programme, in which he strolled down the streets of his hometown. Mr King sat for an interview with the BBC to explain quantitative easing. The six members of the ECB’s executive board gave 200 interviews last year.
After the Riksbank slashed its interest-rate target to 0.5% on April 21st, its governor, Stefan Ingves, took questions from the public in an online chat session. Asked what he liked most about his job, the former economics professor said that what he used to study in theory he now gets to put into practice. He added: “It’s fun to go to work every day.” You may wonder how many of his peers would agree with him.
央行与市场的关系：其作用将会增大。但目前它的管理人员却遇到了很多麻烦。