本报记者 傅苏颖

Our reporter FuSuYing

　　由联合国开发计划署和中国国际经济交流中心共同举办的全球治理高层政策论坛于12月17日在北京召开。中国银行(601988,股吧)国际金融研究所副所长宗良提出从大国货币发行机制、IMF决策机制、三大评级机构三方面解决全球金融治理问题。

By the United Nations development programme (undp) and China international economic communication center held global governance BBS high-level policy on December 17, was held in Beijing.The bank of China(601988,guba)Deputy director of the institute of international financial ZongLiang proposes from country currency issue mechanism/IMF decision-making mechanism/Three major rating agencies three aspects to solve the global financial management problems.

　　一是大国的货币发行约束机制的缺乏问题。从现在的情况来看，发达国家无论是美国还是欧洲以及其它国家，整个来讲都实行了量化宽松，但实际对它们自己的货币发行约束较弱。这必然造成全球资本流动，还有资产价格发生很大的变动，这种变动会对全球产生很严重的不良影响。

One is the power of the currency issue constraint mechanism of the lack of problem.From the current situation,The developed countries whether the United States or Europe and other countries,The terms are implemented quantitative easing,But the actual to their own currency issue constraint is weak.This will contribute to global capital flows,And asset prices happen a lot of change,This change will produce to the global very serious adverse effects.

　　二是关于IMF决策机制的问题，其中一个很重要的问题就是部分决策需要85%以上的投票权。应该改革现有体制，一定程度上支持IMF增资，或者将85%的投票标准降到75%，并规定只要增资就增加股份，不增资自动牺牲投票权，这才比较合理。

The second is about the IMF decision-making mechanism problem,One of the very important problem is that part of the decision needs more than 85% of the voting rights.Should reform the existing system,To a certain extent, support the IMF capital increase,Or will be 85% of the vote to 75% standard,And as long as the provisions of capital shares will increase,Don't add endowment automatic sacrifice voting rights,It is more reasonable.

　　三是关于三大评级机构的全球业务垄断的问题。三大评级机构垄断了全球一个非常大的业务，它们的决定可以直接影响到一个主权国家整个资金的流动性以及资金的成本。因此，继续做出改进，可以从两方面，一方面在全球建立更多的机构参与更多的业务，让更多的主体参与竞争，提高它的竞争性。

Three is about three major rating agencies in the global business monopoly problem.Three major rating agencies monopoly the world a very big business,Their decision can directly affect a sovereign state the liquidity and capital cost.so,Continue to make improvement,From the two aspects,On the one hand in the world to establish more agencies to participate in more business,Let more subject to participate in the competition,Improve its competitiveness.

　　另一方面是加强监管，对评级机构的权利范围做出一个界定，从而对其本身起到一个约束作用。

On the other hand is to strengthen supervision,The right range of rating agencies to make a definition,Thus the itself will act as a constraint function.