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載超常規的金融創新一直被視為西方決策者和銀行家額手相慶的理由。而過去兩年發生的事情，給這一切結束劃上了句號。目前一些人在強調金融創新的風險，英國金融服務管理局(FSA)主席特納勛爵(Lord Turner)就是其中之一。在最新一期《展望》(Prospect)雜志上，他掀起了關于金融業規模擴大的論戰。他辯稱，大量金融創新都對社會無益。那么，監管機構目前應該此類活動抱有偏見嗎？