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As things stand now, the financial system of each country is being sustained and supported by its own government. The governments are primarily with their own economies. This tends to give rise to financial protectionism, which threatens to disrupt and perhaps destroy global financial markets. British regulators will never again rely on the Icelandic authorities and countries at the periphery will be reluctant to be entirely dependent on foreign-owned banks.
照目前的情况来看，每个国家的金融体系都是由本国政府来维持和保障的。政府主要关注本国的经济，这就助长了金融保护主义，有扰乱甚至有可能破坏全球金融市场的危险。英国的监管部门再也不会依赖冰岛当局，边缘国家也不愿完全依赖外资银行。
The point I am trying to make is that regulations must be international in scope. Without it, financial markets cannot remain global; they would be destroyed by regulatory arbitrage. Business would move to the countries where the regulatory climate is the most benign and this would expose other countries to risks they cannot afford to run. Globalization was so successful because it forced all countries to remove regulations but, the process does not work in reverse. It will be difficult to get countries to agree on uniform regulations. Different countries have different interests which drive them towards different solutions.
我想说明的是，从范围来讲，规则必须是国际性的。没有这一点，金融市场就不会是全球性的，并且会被监管套利所破坏。商业就会转移到监管环境最好的国家，使其他国家面临无法承受的风险。全球化之所以成功，是因为它使所有的国家都摒弃了本国的规则，否则全球化过程就无法运行。让所有的国家认同统一的规则是非常困难的。不同国家有不同的利益要求，因此它们会采取不同的应对措施。
