There's a lot of experience in a lot of places.

各国有各国的情况
In particular, England has a single financial regulator.

英国就只有一个监管机构
If you had to guess right now, what's the best way to do it?

如果一定要选那么你选哪种方式
Is that a fair rephrase of the question, Tian?

提恩我说的对吗
I think that the three things I would emphasize are:

我认为有三点原则
competitive regulation is probably a mistake if you believe in regulation.

竞争监管可能根本就是放松监管
The central bank does need to have a role

中央银行必须
in financial regulation of major institutions

能够控制住几个主要的金融机构
because if it doesn't have a role

如果央行
in the regulation of financial institutions,

在金融监管当中没有角色
it's not going to know things that it should know

央行就面临着很大的信息不对称
and it's going to end up living with the consequences.

这样的结果很糟糕的