That was to protect depositors in the case of bank failure and it was a very important innovation because, at that time, there were huge runs on banks.

以保护储户在银行破产中免受损失，该机构的成立是个创举，因为那段时期，银行遭到挤兑。

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If the market keeps shunning Italian and Spanish debt and bank stocks keep falling, Europe will face more damaging bank runs and a disorderly default on someone's debt will become almost unavoidable.

如果市场继续冷落意大利和西班牙国债，再加上银行股继续下滑，欧洲将遭遇更加严重的银行挤兑，且债务违约将大行其道。

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Walter Bagehot, an authority on bank runs, once wrote: “Every banker knows that if he has to prove that he is worthy of credit, however good may be his arguments, in fact his credit is gone.”

银行经营的权威沃尔特·白芝浩曾经写道：“所有银行家都知道，信用需要证明之日，即是信用不再之时，不管证明信用的依据有多强。”

youdao

That was to protect depositors in the case of bank failure and it was a very important innovation because, at that time, there were huge runs on banks.

以保护储户在银行破产中免受损失,该机构的成立是个创举,因为那段时期,银行遭到挤兑

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So, we had a problem, bank runs, brought on by the simple nature of fractional reserve banking.

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Usually, these things happens in what seems like moments (traditional bank runs) or on the scale of eons (the Cambrian explosion).

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The euro's strength has followed what appears to be the receding threat of a euro-zone breakup, thanks to pledges from the European Central Bank to stop speculative runs on the region's banks and governments.

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