雅思阅读文章：Chained but untamed_雅思英语阅读

雅思阅读文章：Chained but untamed

　　There is much that regulators around the world are doing well, yet many of their actions have been piecemeal. As a result, they tend to shuffle risk around from one country to the next instead of reducing it across the global financial system. In some ways they have exacerbated the dangers. Dodd-Frank, in its zeal to prevent any more taxpayer-funded bank bail-outs, has curbed the Federal Reserves ability to provide cash to banks that are fundamentally sound but suffering a shortage of liquidity. That has made it harder for the central bank to act as a lender of last resort, a principle of central banking established almost 140 years ago by Walter Bagehot, a former editor of this newspaper.

　　The unwelcome consequences of some of the other new rules now being introduced may be greater yet. For example, the European Commissions decision to regulate bankers bonuses in a bid to limit risk-taking may have the perverse effect of driving up banks costs and making their earnings more volatile.

　　The bright spots

　　Banks in emerging markets face different and far more exciting challenges. They need to grow quickly enough to keep pace with economies racing ahead at breakneck speed and to reach the legions of potential customers in villages and slums who are hungry for banking. Rapid growth and the spread of computing and communications technologies have turned these markets into huge laboratories of innovation. This special report will argue that banks in countries such as India and Kenya have much to teach those in the rich world. These lessons could come in handy, for the torrent of reregulation in developed countries will soon be raising banks costs, trimming their profits and forcing some of their customers to look for cheaper banking services.