Now it's reached the point where global capital markets will impose their own discipline.

现在到了全球金融市场执行自己的法则的紧要关头。

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But the markets shrugged it off and instead cheered the announcement of new global capital rules by the Basel Committee on Banking Supervision.

但是市场给它来了个下马威，反而对巴塞尔银行监管委员会发布的新版全球资本规则欢迎有加。

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This crisis showed that the modern financial system, with its deregulated markets, highly leveraged players and global capital flows, was becoming dangerously fragile.

这场危机告诉人们，缺乏监管的金融市场，大量的杠杆投资者和全球范围内的资本流动，这些因素造就的现代金融体系既危险又脆弱。

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Meanwhile, and probably for another year, the global capital markets are becoming half open.

FORBES: Yet Another Central Banker's Lowered Expectations

"The global capital markets environment was very challenging" in the first quarter, says William Tanona of Goldman Sachs.

FORBES: Banking's Black Hole

The audit firms are indispensable to the global capital markets because they have a government-sanctioned franchise to provide audits.

FORBES: Is Any Other Audit Firm Vulnerable Besides Ernst & Young?