recurring nightmare for financial watchdogs must be the possibility that regulatory arbitrage now works like a ratchet. As each new crisis prompts attempts to re-regulate the system, those attempts simply lead to more regulatory arbitrage.
对于金融监管部门来说，监管套利如今呈现出棘轮效应的可能性，肯定是其反复出现的噩梦。随着每场新危机促使他们重新调整监管体系，这些努力只会催生更多的监管套利行为。
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