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Changing behavior and culture
改变行为和文化
As well as regulation, we need stronger supervision. Rules are only as good as their implementation. This calls for greater resources, and independence, for the supervisors who perform such a vital public duty, day in and day out.
除了改革监管规定之外，我们还需要加强监督。规则只有被执行才有效。因此，对于执行这种重要公共职能的监督机构，必须增加其资源，提高其独立性。
Yet regulation and supervision by themselves are still not enough. Rules can certainly affect behavior—think of compensation practices, for example. But people who want to skirt the rules will always find creative ways of doing so.
但是，监管本身并不够。规则显然会影响行为——例如，想一想薪酬方面的做法。但想要逃避规则的人总是能找到新的办法。
So we also need to turn our attention to the culture of financial institutions, and to the individual behavior that lies beneath. Incentives must be aligned with expected behavior and be made transparent.
所以，我们需要把注意力转到金融机构的文化，以及根本的个人行为。激励机制必须与预期行为相协调，并且必须是透明的。
Here, the work of the FSB on Principles for Sound Compensation Practices, commissioned by the G20, is instrumental to realign incentives with actual performance. We must push on with implementation.
在这方面，二十国集团委托金融稳定委员会在“稳健薪酬做法原则”方面开展的工作是有益的，这一措施能够促进激励机制与实际业绩之间的重新协调。我们必须推进这项工作的落实。
Why is this so important? Because the behavior of the financial sector has not changed fundamentally in a number of dimensions since the crisis. While some changes in behavior are taking place, these are not deep or broad enough. The industry still prizes short-term profit over long-term prudence, today’s bonus over tomorrow’s relationship.
为什么这非常重要？这是因为在很多方面，金融部门的行为自危机以来没有发生根本变化。尽管行为有所变化，但这种变化不够深或不够广。金融行业依然更加重视短期利润，而不是长期审慎；更加重视今天的奖金，而不是明天的关系。
Some prominent firms have even been mired in scandals that violate the most basic ethical norms—LIBOR and foreign exchange rigging, money laundering, illegal foreclosure.
一些知名的公司甚至陷入违背最基本道德原则的丑闻——操纵 LIBOR和外汇，洗钱，非法取消赎回权。
To restore trust, we need a shift toward greater integrity and accountability. We need a stronger and systematic ethical dimension.
为了恢复信任，我们需要加强诚信和问责。我们需要更强、更系统的道德因素。
In grappling with this, it helps to go back to the ancient philosophers. They would have raised the most basic question—what is the social purpose of the financial sector? Or, as Aristotle would have asked: “what is its telos?”
在这方面，我们可以请教古代哲人。他们会提出最基本的问题——金融部门的社会目的是什么？或者，正如亚里士多德会问的：“它的最终目的是什么？”
He answered his own question: “Wealth is evidently not the good we are seeking; for it is merely useful and for the sake of something else”. Or as Oscar Wilde put it, “the true perfection of man lies, not in what man has, but in what man is”.
亚里士多德是这样回答自己提出的问题的：“财富显然不是我们所追求的，因为财富只是有用而已，只是为了达到别的目的。”或者，正如奥斯卡·王尔德所说的：“人的真正完善不在与他拥有什么，而在于他是怎样的人。”
From this perspective, we can identify the true purpose of finance. Its goal is to put resources to productive use, to transform maturity, thereby contributing to the good of economic stability and full employment—and ultimately, to the wellbeing of people. In other words—to enrich society.
从这一角度，我们可以确定金融的真正目的。其目标是将资源投入生产性用途，转换资金期限，从而促进经济稳定和充分就业，最终，使人们生活得更好。换句话说——增进社会繁荣。
In Aristotle’s framework, once we know the purpose, we can identify the virtues needed to fulfill it. It becomes a matter of every person doing the right thing.
在亚里士多德的框架中，一旦我们知道了目的，我们就能确定达到这一目的所需的美德。这就是，每个人要做正确的事。
When we think about finance, surely one of these core virtues is prudence—which is about stewardship, sustainability, and safeguarding the future. Prudence has long been a byword of banking, and yet has been sorely missing in action in recent times.
说到金融，显然，核心美德之一是审慎——管理、可持续、对未来的保障。长期以来，“审慎”一直是银行业的格言，而近些年却完全缺失了。
We know that regaining virtues like prudence will not happen overnight. Aristotle teaches us that virtue is molded from habit, from developing and nurturing good behavior over time. As with anything worth doing, practice makes perfect.
我们知道，重新找回审慎这样的美德不是一朝一夕的事。亚里士多德告诉我们，美德是从习惯、从长期培养良好行为而形成的。正如做所有事情一样，熟能生巧。
Getting back on the right path requires education and leadership that is sustained over many years. It requires alert watchdogs, including from civil society.
为了回到正确的道路，需要多年持续的教育和领导，需要警觉的监督，包括来自民间社会的监督。
Most importantly of all, it requires investors and financial leaders taking values as seriously as valuation, culture as seriously as capital.
最重要的是，投资者和金融领导者必须像重视价格一样重视价值，像重视资本一样重视文化。
As Mark Carney pointed out in an admirable speech in Canada last year, the financial sector needs to be grounded in strong connections to clients and to communities—to the people served by the financial industry.
正如马克·卡尼去年在加拿大发表的一篇出色讲话中所说的，金融部门需要扎根于与客户和社会的紧密联系——与金融业所服务的人民的紧密联系。
Ultimately, we need to ingrain a greater social consciousness—one that will seep into the financial world and forever change the way it does business.
最终，我们需要确立更牢固的社会意识——能够渗入金融世界、永远改变金融业运作方式的社会意识。
The good news is that we are seeing some positive signs. The Inclusive Capitalism Initiative is one such example—pursuing practical ways to make capitalism an engine of economic opportunity for all.
好消息是，我们已经看到一些积极的迹象。“包容资本主义倡议”就是其中一例——探索实用的方法，使资本主义为所有人创造经济机会。
We can draw some parallels here with our expanding environmental consciousness. Not so long ago, we had much higher levels of pollution, and littering was commonplace. Today, we are more educated about these issues, and more in the habit of respecting the planet.
我们可以用我们不断增强的环境意识作个类比。并不太久以前，我们的污染水平比现在高得多，乱丢垃圾的行为随处可见。今天，我们更了解这些问题，更注意保护我们的星球。
By comparison, the equivalent kind of awareness in the financial sector—the idea that private misbehavior can have a broader social cost—is only in its early stages. It is akin to the initial period of environmental consciousness, which focused on the banning of lead from petroleum products.
相比而言，对金融部门的同样意识——私人行为不当可能带来更广泛的社会代价——只是处在初期阶段。这类似于环境意识的初期阶段，那时的重点是禁止石油产品含铅。
Just as we have a long way to go to reduce our carbon footprint, we have an even longer way to go to reduce our “financial footprint”.
正如我们在减少“碳足迹”方面有很长一段路要走，我们在减少“金融足迹”方面更加任重道远。
Yet we must take those steps.
但我们必须迈出步子。
I realize that these are deeper questions than economists and policymakers are normally comfortable talking about. Yet I also believe the link is clear—ethical behavior is a major dimension of financial stability.
我意识到，比起经济学家和政策制定者通常愿意讨论的问题，这些问题更加深入。但我相信这种联系是清晰的——道德行为是金融稳定的一个主要方面。
Conclusion
结语
Let me conclude. The topic of inclusive capitalism is obviously a vast one. I could have talked about many different aspects: women’s exclusion, disregard for the environment, corporate social responsibility.
我来作个总结。包容性资本主义显然是一个巨大的论题。我可以讲很多不同方面：女性被排斥，对环境的漠视，公司的社会责任。
Yet I wanted to focus my remarks today on the behavior that continues to deplete the treasury of trust and could again destabilize the global economy.
但是，我想把今天讲话的重点放在那些继续损害信任、可能再次破坏全球经济稳定的行为。
This is why the work of your Initiative is so important. It needs to infuse the consciousness of all economic leaders, across all sectors and countries.
这就是为什么“包容资本主义倡议”的工作如此重要。它需激发所有部门和国家的所有经济领导者的意识。
At the end of the day, when the global economy is more inclusive, the gains are less elusive. The market is more effective, and a better future—for everyone—is more likely.
最终，当全球经济更加包容，我们就更能取得进展。市场更有效，每个人更有可能享受更美好的未来。
Thank you very much.
十分感谢。
