by an entity--by a single entity--in which the central bank has a role

赋予单一实体即中央银行
would be the three principles that I would suggest. John?

这就是我所说的三条原则约翰
I would like to make a comment and ask two questions.

我想先说几句再问两个问题
My comment is, like everyone I'm sure,

我相信所有人
we all enjoyed your talk very much.

都认为你说得非常好
The comment is he enjoyed the talk. That tends to--

你认为我说得很好
that's the kind of thing you say before the devastating question

接下来肯定就要刁难我了
and I knew John when we were in graduate school together

我们在MIT读博士的时候就是这样的
and nothing in my four years of going to graduate school with him

根据我四年的经验
makes it less likely that after he said,

每当他说完
he really enjoyed the talk,

他认为我说得很好
that the devastating question was going to come.

接下来就要刁难我了