IMF对此问题的认识，从它对其新保险工具FCL的精心设计上可见一斑，FCL取代了IMF去年十月引入的短期流动性便利工具。

The IMF’s awareness of this problem is clear from the careful design of its new insurance instrument, the FCL, which replaced the Short-Term Liquidity Facility introduced by the fund last October.

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一个相当保险的押注是，新巴塞尔协议(不管多么繁重)，将会为两者在资本与流动性上的公平竞争提供基础。

One reasonably safe bet is that a new Basel agreement, however onerous, will provide the basis for a level playing field on capital and liquidity.

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当银行面临循环流动性危机时，管理机构和会计师可以松口气了——正如在2002年欧洲，那时保险公司面临股价下跌的清偿能力风险一样。

And regulators and accountants could ease up when Banks risk a liquidity spiral-as in Europe in 2002, when insurers faced a solvency crisis over falling share prices.

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