随着金融危机席卷全球，无论是发达国家还是亚洲等新兴市场无一能“免疫”，国际金融防火墙被推到了救火前线，区域防火墙的重要性也日益凸显。各层金融安全网之间如何合作？亚洲是否应该加强金融合作并扩大应急资金规模？与欧美如火如荼进行的金融监管改革相比，亚洲的监管改革又有哪些特点？

As the financial crisis sweeping the globe,Both developed and emerging markets such as Asia nothing"immune",International financial firewall is pushed to the front line,The importance of regional firewall increasingly prominent.Each layer between financial safety net how to cooperate?Whether Asia should strengthen financial cooperation and expand emergency fund scale?Like a raging fire with the European and American financial regulatory reform compared,Asia's regulatory reform and what is its special features?

　　不久前，在狮城的办公室，去年4月履新的新加坡金管局新任局长孟文能（Ravi Menon）接受了第一财经和《第一财经日报》记者的独家专访。

Not long ago,In the lion city office,Last April the newly Singapore the hkma's new chief MengWen can(Ravi Menon)Accept the first finance and economics and[The first financial daily]Reporter's exclusive interview.

　　孟文能认为，尽管亚洲的实体经济已经很强，但在金融市场一体化上还处于“婴儿阶段”，而清迈倡议多边化机制（CMIM）是区域金融合作的重要一步。在应对危机时，国内、区域以及国际三个层面的安全网就像是“同心圆”，只有相互合作才能真正成功。

MengWen can think,Although Asia's real economy has very strong,But in the financial market is still in the integration"Baby stage",And of the Chiang mai initiative polygonization mechanism(CMIM)Regional financial cooperation is an important step.In dealing with a crisis,domestic/Regional and international three levels of safety net is like"Concentric circles",Only cooperation can we truly successful.

　　对于金融业的未来，孟文能依旧保持乐观。他认为，需要让金融业更具韧性也更有意义：“不要太过分注重于金融界光鲜的那一面，如果我们可以让金融业回归本质，产生的经济效益将是巨大的。”

For the future of the financial industry,MengWen can still keep optimistic.He thinks,Need to let the financial industry more toughness and more meaningful:"Don't be too too focused on financial side of the bright,If we can make financial return to nature,The economic benefit will be huge."

　　三层“同心圆”

Three layer"Concentric circles"

　　第一财经日报：我们看到清迈倡议多边化机制在不断推进，今年年初设立了东盟与日中韩宏观经济研究办公室（AMRO），办公室就在这栋楼里。这是非常重要的举措。放眼未来，亚洲一体化的下一个大突破会是什么？

The first financial daily:We see the Chiang mai initiative polygonization mechanism in advancement,At the beginning of this year set up asean and China and South Korea macroeconomic research office(AMRO),The office is in the building.This is a very important measure.Looking to the future,Asian integration of the next big breakthrough be?

　　孟文能：我认为我们需要在已有成就的基础上再加强建设。亚洲的实体经济已经不断一体化，尤其是通过贸易联系。亚洲内部贸易数量庞大，这在很大程度上归功于亚洲一体化的生产网络。东盟10个国家在2015年将要尝试建立一个东盟经济联合体。我们会成为一个联合生产基地和各国之间关税几乎为零的单一市场。我认为在实体经济方面，我们的一体化已经非常强，也非常有前景。

MengWen can:I think we need to have the basis of achievements in strengthening construction again.Asia's real economy has constantly integration,Especially by trade contact.Asian internal trade large Numbers,This is largely due to the Asian integration production network.10 asean countries in 2015 will try to establish a asean economic association.We will become a joint production base and between countries is almost zero tariff of the single market.I think that in the real economy aspects,Our integration has very strong,Also very promising.

　　当然，这会与欧盟有一定的差距。首先，我们在规模上小很多，也不会像他们那么高度一体化。我们的金融市场一体化还处在婴儿阶段，现在刚刚开始起步。在亚洲，各国和各大央行之间的金融合作也逐步加强，清迈倡议多边化机制是其中很重要的一步。2010年，我们以1200亿美元的启动资金建立起清迈倡议多边化机制。仅仅两年后，我们的资金已经翻倍达到2400亿美元。我们和IMF“脱钩”的资金已经从20%增加到了30%。更重要的是，我们在清迈倡议多边化机制中引入了危机防御规则。我认为在那么短的时间内完成那么重大的举措很不容易。

Of course,This and the European Union have a certain gap.First of all,We are much smaller scale,Also won't like them so highly integrated.Our financial market integration are still in the infant stage,Now just beginning.In Asia,Countries and each big central bank financial cooperation between also gradually strengthening,The Chiang mai initiative polygonization mechanism is one of very important step.In 2010,,We start with $120 billion fund set up of the Chiang mai initiative polygonization mechanism.Only two years later,Our funds has more than doubled to $240 billion.We and the IMF"decoupling"Money has been increased from 20% to 30%.More important is,We are of the Chiang mai initiative polygonization mechanism into the crisis defense rules.I think that in such a short time so major move is very not easy.

　　AMRO的设立非常重要，在亚洲拥有这样一个完善的监管机构无疑是激动人心的，我们很荣幸AMRO办公室设在这栋楼里。我也很惊讶AMRO在那么短的时间里就趋于完善，并且开始了高质量的监管。AMRO不但了解亚洲地区体制文化，与法规制定者同步，还可以对亚洲发展提出建设性意见和方案。当然，AMRO成长和扩大职能的空间还很大。同时，这不代表我们会与亚洲以外的世界脱节，未来AMRO真正的成功取决于和IMF、世界银行以及其他国际多边组织的不断合作。

The establishment of AMRO is very important,In Asia have such a perfect supervision mechanism is undoubtedly exciting,We're very honored to AMRO office in this building.I am surprised AMRO in such a short period of time will tend to be perfect,And start the high quality supervision.AMRO not only understand Asia system culture,And regulations makers synchronization,It can also the Asian development put forward a constructive suggestion and scheme.Of course,AMRO growth and expand the function of the space is very big still.At the same time,It does not mean we will and outside of Asia is out of the world,The future AMRO real success depends on and IMF/The world bank and other international multilateral organization continued cooperation.

　　日报：你刚才提到，AMRO与IMF脱钩的资金部分已经从20%增加到了30%，而AMRO与IMF之间在某种程度上存在竞争。如何处理这种既合作又竞争的关系？

daily:You just mentioned,AMRO and IMF decoupling capital part has increased from 20% to 30%,And with the IMF AMRO in some degree between existence competition.How to deal with this kind of both cooperative and competitive relationship?

　　孟文能：我们应该把这个问题理解为同心圆。最中心的当然是国家层面的安全网，首先我们应该靠自己，这很重要。第二，才是区域层面。当我们遇到一些非常棘手的问题时，我们需要在区域层面一起解决，这就是CMIM的意义所在。我们有 2400亿美元和多种机制来应对危机。我们现在正在扩大区域性安排的职能，这种区域性的自救措施很重要。

MengWen can:We should understand the problem for concentric circles.The center, of course, is the national level safety net,First of all, we should depend on ourselves,This is important.The second,Is the regional level.When we meet some very tough problems,We need to work together to solve regional level,This is the meaning of CMIM.We have 240 billion dollars and a variety of mechanisms to cope with crisis.We are now expanding the function of regional arrangements,This regional self-help measures is very important.

　　你也会发现，我们有一部分资金不用告知IMF就可以动用，只占30%，换句话说，只是很小一部分，余下70%资金要与IMF一起合作完成。也就是说，即便是区域性问题，如果非常棘手或是重大危机时，我们还是需要联合国际社会来一起应对。这已是共识。

You will also find,We have a part of the capital don't inform IMF can use,Only 30%,In other words,Just a tiny part,The remaining 70% capital to work together with the IMF finish.That is,Even regional problems,If very difficult or a major crisis,We still need to deal with the international community to jointly together.It is common.

　　我认为欧债危机就是一个很好的例子。当你碰到一个重大的区域性问题，仅靠自己来解决会很困难。当问题太大时，你需要IMF建立一个国际防火墙，和他们一起合作。有时各国之间的合作会有附带条款，但在区域内部签订这些条款协议非常困难，因此需要放到国际层面上，有一个独立、没有利益关系的第三方来提出建议和方案就会简单很多。所以我认为，我们应该同时利用国内、区域以及国际这三种渠道,也就是三个“同心圆”来解决我们面临的金融市场的挑战与金融危机。

I think the debt crisis is a good example.When you run into a major regional problems,Only depend on oneself to solve will be very difficult.When a problem is too big,You need to IMF to establish an international firewall,And they work together.Sometimes the cooperation between countries will have supplementary terms,But in these terms agreement signed in the region is very difficult,Therefore need on the international level,There is a independent/No interest relations of the third party to put forward Suggestions and solutions will be simple many.So I think,We should also use domestic/Regional and international the three channels,Is three"Concentric circles"To solve the we are faced with the challenge of the financial market and financial crisis.

　　加强AMRO职能

Strengthen AMRO function

　　日报：从中期看，CMIM在扩大资金的同时，是否也应该逐步增加脱钩的资金部分呢？

daily:In the medium term,CMIM in expanding funds at the same time,Whether should also gradually increase the decoupling of money? Part?

　　孟文能：我们在过去几个月已经那么做过了。目前，我认为我们的首要任务是建立起AMRO的监管能力。我们拥有的资金量已经很大了，这段时间也还在不断增加。

MengWen can:We in the past few months have been so done.At present,I think our primary task is to establish the AMRO regulatory capacity.We have already large wrongdoing,This period of time also is growing.

　　日报：但当遇到真正严重的危机时，这些资金可能还是不够。

daily:But when meet a serious crisis,These funds may still not enough.

　　孟文能：就像我说的，我们不应仅看这2400亿美元，我们还有国内的资源。不要忘了，亚洲国家的资金储备比欧洲国家要雄厚得多。此外，区域层面之外还有国际层面可以求助。所以我认为，我们没有必要无限制地扩大区域机构的资金规模。

MengWen can:Like I said,We should not only look at the $240 billion,We have domestic resources.Don't forget to,Asian countries capital reserves than European countries to much more abundant.In addition,Regional levels there are international level can help.So I think,We don't have to unrestrainedly expand regional institution capital scale.

　　至于已经施行的其他改革，我认为我们还需要进行巩固，我们必须要有一个强健的AMRO 来支撑这些项目和改革，为金融危机所困的各国政府提供有建设性的建议。所以我们需要加强AMRO的职能，从资金上支持AMRO等，这些都需要时间。在考虑资金规模之前，我们应该先集中精力把AMRO建设成一个更完善的机构。

As for other reform has been in effect,I think we need to consolidate,We must have a strong AMRO to support these projects and reform,The financial crisis for trapped governments provide constructive Suggestions.So we need to strengthen the function of AMRO,From capital support AMRO, etc,These things take time.In considering capital before scale,We should focus on the construction of the AMRO into a more perfect mechanism.

　　日报：你是如何说服AMRO把办公室设在新加坡的？

daily:How do you convince AMRO the office in Singapore?

　　孟文能：当一个机构设立国际区域性办公室时，很多国家都会表示感兴趣。然后这些国家会一起讨论，最后再做出决定。新加坡是一个国际金融中心，并与其他亚洲国家有着很好的交流和连结，我认为我们的连通性和对金融市场的开放,是AMRO设立在新加坡的优势，所以这个选择可以说是很合理的。

MengWen can:When an agency set up international regional office,Many countries would expressed interest in.Then the country will discuss,Finally to make a decision.Singapore is an international financial centre,And with other Asian countries have very good communication and links,I think our connectivity and on the financial market open,AMRO is established in Singapore advantage,So the choice can be said to be very reasonable.

　　让金融业更有意义

Let the financial industry more meaningful

　　日报：危机之后，金融界声名显赫的人物，例如像巴克莱的Bob Diamon和摩根大通的Jamie Dimon，他们挺过了金融危机最严重的阶段，但现在却纷纷声名扫地。现在金融产业还能承受更多的丑闻吗？

daily:Crisis after,Financial circles of great eminence characters,For example like Barclay Bob Diamon and jp Morgan's Jamie Dimon,They survive the financial crisis the most serious stage,But now have been famous sweep the floor.Now the financial industry still can withstand more scandal?

　　孟文能：我们不能简单地把这些人视为英雄或是坏人，金融本来就是一个非常动荡不定的产业。相对其他产业而言，风险管理在金融业中处于更为中心的地位，如果作出错误决定的后果和损失将会非常巨大。与其去看个人做了什么，我们不如去关注金融界整体的体系和程序，理解其与生俱来就更容易受到风险、多变、震荡、管理者的判断失误（诸如贪婪或是恐惧）等因素的影响。并非其他产业没有这些问题，不过在金融业中，这些问题所导致的后果要严重许多。

MengWen can:We can't simply take these as a hero or a bad man,Financial was supposed to be a very volatile industry.In terms of relative to other industry,Risk management in financial industry is the more center position,If you make the wrong decision consequences and loss will be very great.And to see people do,We go to the attention of the whole financial system and procedures,Understand its inherent is more vulnerable to risk/polytropic/concussion/Managers of judgement(Such as greed or fear)The influence of such factors as.Other industries is not without these problems,But in the financial industry,These problems lead to serious consequences of many.

　　所以我认为，我们应该思考如何拥有一个更有韧性的金融产业，如何拥有一个更有意义的金融产业。“有韧性”是指一个强健的金融产业，不会成为实体经济的隐患，不会引发大量损失的经济危机。“有意义”是指金融业需要对支持和建设实体经济有实际意义，能够促进经济增长和发展。我认为这才是金融产业的核心。我认为我们要不断强调这些方面，而非过分注重于金融界光鲜的那一面，如果我们可以让金融业回归本质，产生的经济效益将是巨大的。我对金融产业还是抱有乐观态度，我不认为这个行业有任何原则上的问题。相反，我认为它有潜力为经济发展做出很大的贡献。国际社会也正在进行监管改革，旨在让金融的重点重新回归到基本面。

So I think,We should think about how to have a more toughness of financial industry,How to have a more meaningful financial industry."ductile"Refers to a strong financial industry,Will not become the real economy hidden trouble,Won't cause a great loss of economic crisis."meaningful"Refers to the financial industry need to support and construction entity economy has practical significance,Can promote economic growth and development.I think this is the core of the financial industry.I think we will constantly emphasis on these aspects,Not too focused on financial side of the bright,If we can make financial return to nature,The economic benefit will be huge.I on the financial industry still optimistic,I don't think the industry have any problems in principle.instead,I think it has a potential for economic development to make a lot of contribution.The international community is also regulation reform,The key to make financial return to the fundamentals.

　　日报：你刚刚提到金融监管改革的问题。现在改革的中心是银行业。我们知道美国有“沃克尔规则”；英国也通过了维克斯（Vickers）监管框架，欧盟也已起草了类似法案。在亚洲会有“监管套利”的情况发生吗？亚洲是否也应该有类似的规则或法案？

daily:You just mentioned financial regulatory reform problem.Now the center of the reform of the banking industry.We know that the United States has"Walker rules";Britain also passed the vickers(Vickers)Regulatory framework,The European Union has also drew up a similar law.In Asia there will be"Regulatory arbitrage"In case of any?Whether Asia should also have a similar rules or act?

　　孟文能：我认为最重要的监管改革是那些经过千辛万苦的努力才实现的改革。从银行业来看，我们需要提高资本金的数量和质量，因为资本金可以吸纳损失。这是全球都普遍认同和接受的观点，我们也有全球的统一标准，例如巴塞尔协议Ⅲ。在资本金问题上，不会有太多监管套利发生。事实上，我们在仔细观察各国对巴塞尔协议Ⅲ的实施情况，看各国的施行效果是否与协议的初衷相吻合。我认为巴塞尔协议是国际合作和协调的一个很好进展。第二是流动性标准。这次金融危机中的很多问题都与资金流动性不足有关，这些问题还没有得到很好的解决，相关的规则还在制定中，一些草案已在协商之中，这并非易事。新加坡已经有了一个流动性标准，我们也期待国际标准的出台，让我们可以作为标杆来对比。

MengWen can:I think the most important regulatory reform is those after several efforts to achieve reform.From banking to see,We need to improve the quantity and quality of capital,Because capital can absorb the loss.This is all the world common recognition and accept point of view,We also have global unified standards,For example Ⅲ Basel agreement.In the capital problem,Don't have too many regulatory arbitrage happen.In fact,We are careful to observe all countries to the situation of the implementation of the Basel agreement Ⅲ,See the nations and whether effect with the original agreement coincide.I think the Basel agreement is the international cooperation and coordination of a very good progress.The second is liquidity standards.The financial crisis of a lot of problems and lack of liquidity,These problems has not been very good solve,Relevant rules in also develop,Some draft has set up a file in the negotiations,This is not easy.Singapore has a liquidity standards,We also look forward to the international standard come on stage,Let us can be used as a beacon to contrast.

　　日报：是用流动性覆盖率（LCR）来考量的吗？

daily:Is to use liquidity coverage(LCR)Consideration??

　　孟文能：不，我们制定了一个最低流动资产的要求。我们一直要求银行持有一部分高流动性的资产，我们规定了持有资产的形式，这取决于每家银行的不同情况，根据过往收入和流出的情况来评估流动性需求。我们一直都有这个规定，并且一直在强调流动性风险管理的重要性。因此，资金和流动性是降低投行风险最关键的两个改革。当然，也有很多法规致力于减少场外交易和衍生品的风险。在这个问题上，大家的意见也逐渐开始趋于一致，不过到现在还未成熟。

MengWen can:Don't,We made a minimum liquidity requirements.We always require Banks to hold part of liquid assets,We have set the form of assets held,It depends on the different situation of each bank,According to past income and outflow situation to evaluate liquidity demand.We always have this regulation,And has been emphasized the importance of liquidity risk management.therefore,Capital and liquidity is to reduce the risk of investment Banks two of the most important reform.Of course,Also there are many regulations efforts to reduce over-the-counter trading and derivatives risk.In this problem,Everyone's opinion also gradually beginning to converge,But it is not mature.

　　“维克斯规则”是英国制定的一个更具体的规则，在欧盟里也有类似的想法，但我不会视其为改革的核心内容。在这个问题上，每个国家都必须评估自己的金融体系和状况，然后制定出最适合自己的法规。你可以看到，在亚洲，许多国家都引入了全球性银行模式，其优势在于，监管允许他们最优化运营而不必对其业务做出不必要的限制和隔离。

"Vickers rules"Britain is for a more specific rules,In the eu, also have similar ideas,But I don't see it as the core content of the reform.In this problem,Each country has to assess their financial system and status,And then create the most suitable for their own regulations.You can see,In Asia,Many countries have introduced the global bank mode,Its advantage is,Supervision to allow them to optimization operation and you don't have to its business to make unnecessary restrictions and isolation.

　　同时，一些亚洲国家的策略不同，他们对零售银行更为关注，比如在新加坡，我们现在允许重要的外国银行建立分支机构，它们在新加坡设立公司时，我们最关心的是它们的零售银行这块业务，因为无论从政治角度还是金融稳定的角度看，这都是最敏感的部分。对存款账户资金的监管在每个国家都很重要，维克斯规则就是针对零售银行的，要保证存款人的钱安全，有更高的保障体系，并且不受银行其他业务风险的影响。但实现的方式在亚洲可能与欧美不一样，我不认为这会导致监管套利，而是会改变银行在具体业务和地理位置上组织管理的方式。看未来的监管会如何发展演进，将会是一件有趣的事。

At the same time,Some Asian countries different strategies,Their retail bank more attention,For example, in Singapore,We now allow the important foreign Banks to establish branch offices,They set up company in Singapore,We care most is their retail bank this business,Because no matter from the political Angle or financial stability point of view,This is the most sensitive part.To deposit account funds supervision in every country is very important,Vickers rules are for retail bank,To ensure the safety of the depositors money,Have higher security system,And from the influence of other bank business risk.But the way to realize in Asia and Europe and the United States may be different,I don't think it will lead to regulatory arbitrage,But will change the bank in specific business and geographical position organization management mode.Look at the future of supervision will be how to develop evolution,Will is an interesting thing.

　　日报：现在让你最头痛的事情是什么？

daily:Now let your headache??? What???

　　孟文能：我们大家最担心的应该是欧债危机所带来的风险，危机扩散的风险一直让我们提心吊胆，我们在跟进欧洲的局势发展。从新加坡来看，我们注意的是国内资源的局限，供应短缺可能会引起经济过热的压力。我们还需要努力控制通胀，金融稳定也是我们一直在思考的问题。

MengWen can:All of us should be most concerned about is the debt crisis brought about by the risk,The spread of the crisis risk has been let us on tenterhooks,We follow up the situation in Europe in development.From Singapore to see,Our attention is the limitation of domestic resources,Supply shortages may cause overheating pressure.We still need to work hard to control inflation,Financial stability is also we have been thinking of problem.