The banking crisis had many causes, some of which are complex enough to make a quantum physicist's head spin. But a central cause is simple: banks relied far too much on debt to fund their activities - they used too much leverage. That's why a new study, quietly released by the Bank for International Settlements almost exactly five years after Lehman Brothers collapsed, makes for encouraging reading. It suggests that attempts to reduce leverage are paying off. The regulators' medicine is working - and with fewer side-effects than feared.
银行业危机有很多原因，其中一些复杂得甚至让量子物理学家头晕。但一个核心原因却很简单：银行过于依赖债务来支撑其业务活动，也就是说它们过度利用杠杆。这也是一份新出炉的研究报告鼓舞人心的原因。这份报告由国际清算银行(BIS)在雷曼兄弟(Lehman Brothers)破产几乎正好五年之后悄悄发布。该研究认为，减少杠杆的努力正在得到回报。监管者开出的药方在奏效，并且副作用没有人们担忧的那么明显。
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