More than a year after the bankruptcy of Lehman Brothers and the ensuing financial market turbulence, we are at a critical crossroads. I think the post-crisis path will be bumpy, mainly because bail-out programmes have not been implemented in the right sequence. We can see the cart has been put before the horse: money has been pumped in continuously to cover the risks and ease the panic, but we are still far from cleaning up the balance sheets of western financial institutions.
雷曼兄弟(Lehman Brothers)破产以及随之而来的金融市场动荡已经过去了一年多的时间，我们目前处在一个关键的十字路口。我认为，危机过后的道路将崎岖不平，这主要是因为纾困计划没有按照正确的步骤实施。我们可以看到，有关方面本末倒置地将“车”放到了“马”前：资金被不断注入市场，以避免风险并缓解恐慌情绪，但西方金融机构的资产负债表却远未清理干净。
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