Leading up to the crisis, market participants and policymakers failed to understand the interconnections within the "shadow banking" system.
在危机发生前，市场参与者和政策制定者都未能理解“影子银行”体系内部各个部分相互关联的现象。"We also have to deal with the whole shadow banking system, which has not been addressed in a coherent manner, " the G20 source said.
G20消息人士说，“我们还需要应对整个影子银行系统，迄今还没有协调一致地对这个领域进行过处理。”My colleague Hyun Song Shin at Princeton has pointed out to me lately that the shadow banking system in the US is largely European banks.
我在普林斯顿大学的同事申铉松（HyunSongShin）最近向我指出，美国的影子银行体系主要由欧洲银行组成。Crucially, the council would be able to monitor both traditional banks and shadow banks.
最关键的是，该委员会将能够同时监控传统银行和影子银行。Therefore, the risks inherent in shadow banking are high at the moment, as housing prices decline and economic growth moderates.
因此，随着房价下跌，经济增长放缓，眼下影子银行固有的风险很大。Rather, financial markets and regulations were not mature enough to cope with disintermediation and the rise of the "shadow banking" system.
更确切的说法是，金融市场和监管还不够成熟，不能应对金融非中介化和“影子银行”体系的兴起。But it calls for a body with a mandate to watch aspects of the financial system, including cross-border financial flows and shadow banks.
但它所呼吁创建的，正是对金融体系方方面面——包括跨境资金流动与影子银行——都拥有监督权的机构。It is also unfair on the Fed, which had to stand in place of America's collapsed shadow-banking system.
这对美联储也不公平，它必须顶替美国已经一败涂地的影子银行体系，支撑整体金融不至崩溃。The problem was not so much deregulation but regulation's failure to evolve with the so-called "shadow banking system" .
问题并不在于规制的大幅放松，而在于规制未能跟上所谓“影子银行业系统”的演化步伐。