In reality, the most effective discipline has been external-the financial market.

实际上，最有效的纪律存在于外部的金融市场。

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As a result, the financial market is imposing some discipline on our behavior, and it's painful.

造成的结果就是，金融市场正在对我们的行为加以约束，这的确很痛苦。

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For example, it is important not to sacrifice financial stability and efficiency in order to mitigate the social costs of restructuring by shielding companies from market discipline and pressure.

例如，很重要的一点是，不能为了减少重组的社会成本而牺牲金融体系的稳定和效率，比如通过对企业提供保护以便使之规避市场的约束和压力。

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Journal of Financial Services Research found that market discipline alone was not consistently adequate to ensure the ratings agencies acted responsibly and minimized their errors.

FORBES: The Marcellus Agreement: Please Frack Responsibly

In a financial crisis, he says, diluting market discipline is a lesser evil than trying to maintain public confidence.

ECONOMIST: Learning from the past

Not that the discipline of the market is any guarantee of financial success.

FORBES: Henry Ford's Will