Four decades-worth of extraordinary financial innovation were, until recently, regarded as cause for congratulation among Anglophone policymakers and bankers. The events of the past two years have put an end to that. Among those now highlighting the dangers of financial innovation is Lord Turner, head of Britain's Financial Services Authority. As well as stirring up controversy over the bloated size of the financial sector in the latest issue of Prospect magazine, he argued that much financial innovation was socially useless. Is it time, then, for regulators to incorporate a bias against such activity?
直到不久前，40载超常规的金融创新一直被视为西方决策者和银行家额手相庆的理由。而过去两年发生的事情，给这一切结束划上了句号。目前一些人在强调金融创新的风险，英国金融服务管理局(FSA)主席特纳勋爵(Lord Turner)就是其中之一。在最新一期《展望》(Prospect)杂志上，他掀起了关于金融业规模扩大的论战。他辩称，大量金融创新都对社会无益。那么，监管机构目前应该此类活动抱有偏见吗？