This autumn will make or break the European Union's efforts to fix its financial system. It's a final chance to decide on postcrisis laws and strategy before EU institutions turn their attention to the 2014 elections.

今年秋季，欧盟(European Union)改革金融系统的努力成功与否将见分晓。在欧盟机构将注意力转向2014年选举前，这将是就危机后法律和策略做出决定的最后机会。

The European Commission, the bloc's executive arm, will rush out a host of financial-markets proposals, some of which have been in the works for several years. Meanwhile EU member states and the European Parliament will butt heads over new banking laws.

欧盟执行机构欧盟委员会(European Commission)将赶制出一系列金融市场计划，其中部分计划已经准备了数年。与此同时，欧盟成员国和欧洲议会(European Parliament)将就新银行法争论不休。

The commission hopes these two will agree on the new laws, or at least take formal positions on the proposals, before lawmakers start campaigning for May's vote.

欧盟委员会希望在欧洲议会议员开始投入到明年5月份大选前的竞选活动中前，成员国与欧洲议会能够就新银行法达成一致，或者至少就相关法案有个正式态度。

If not, pending bills will die when Parliament and the commission dissolve after elections, handing opponents -- from industry lobbyists to national governments -- a good opportunity to send legislation back to the drawing board and potentially delay it for years.

如果不能实现上述情况，悬而未决的法案将在本届欧洲议会和欧盟委员会于选举过后解散时前功尽弃，进而让法案的反对者（包括行业游说者和成员国政府）获得一个大好机会，可以推动重新制定相关法案或者可能将其推迟数年。

First, on Sept. 4, is new regulation for money-market funds. The regulation is part of a broader effort to pull credit activities by nonbanks out of the shadows. These funds are popular with companies and investors looking for an alternative that is more profitable than bank deposits but that still allows them to withdraw money at short notice and without restrictions.

首先，9月4日将出台货币市场基金新监管规定草案。这项新规是一个范围更广的旨在将非银行机构信贷活动（即影子银行信贷）纳入监管的努力的一部分。货币市场基金受到企业和投资者的追捧，他们寻求比银行存款收益更高的替代品，但同时仍允许他们在短时间内不受限制的撤回资金。

The commission says that this perceived safety is an illusion and that money-market funds face the same risk of losses and investor panic as other financial institutions. Drafts of the proposal would force these funds to either value their assets daily or build up capital buffers, and also impose restrictions on the funds' investment practices.

欧盟委员会说，这种自认为安全的想法是一种错误观念，货币市场基金和其他金融机构一样存在亏损和引发投资者恐慌的风险。新规草案将迫使这些基金要么每日对其资产进行估值，要么建立资本缓冲，并且对此类基金的投资活动加以限制。

Industry groups are already up in arms, complaining that the commission rushed into the proposal without properly examining its impact. 'Would we be upset if [EU member states and the Parliament] didn't get to this? No, we wouldn't,' says Dan Waters, managing director of ICI Global, which lobbies for investment companies.

行业团体已经表示抗议，他们抱怨说，欧盟委员会在没有适当调查其影响的情况下就仓促起草新规。为投资公司进行游说的ICI Global的总经理沃特斯(Dan Waters)说，如果（欧盟成员国和欧洲议会）在这方面没有达成一致，我们会感到失望吗？不，我们不会。

Two weeks after this proposal, the commission will present new oversight rules for setting and using benchmarks. The proposals follow investigations into the London interbank offered rate and oil-pricing (to name but a few benchmarks), but have already drawn pushback from the U.K.

在出台上述新规草案两周后，欧盟委员会将提出设定和使用基准指标的监管新规。相关提案是在对伦敦银行同业拆息以及石油定价等基准进行调查后提出的，但已经遭遇来自英国的反对。

Long-awaited proposals on how to deal with big banks that combine retail and investment banking are expected in mid-October, but they are still very much in flux, according to EU officials. Here, the best the commission hopes for is a 'first reading' in Parliament and among finance ministers, which would carry the bills into the next parliamentary term.

据欧盟官员说，有关如何处理包含零售和投资银行业务的大型银行的提案预计将于10月中旬出台，但这些备受关注的提案大多仍未敲定。在这方面，欧盟委员会认为最理想的情况是能将相关法案提交欧洲议会和成员国财长进行“首次审阅”，这将使法案能够由下一届欧洲议会继续审议。

And those are just the new proposals. Before heading into the summer break, the commission and Germany barely patched up a conflict that leaked into the open after German Finance Minister Wolfgang Schauble questioned the legal basis and need for a new authority to wind down insolvent banks in the euro zone.

上述只是新法案。德国财长朔伊布勒(Wolfgang Schauble)质疑成立一个新机构来逐渐关闭欧元区破产银行的法律基础及必要性，欧盟委员会和德国之间的分歧由此被公开。而在夏季来临前，双方尚未弥合上述分歧。

Michel Barnier, the Internal Market commissioner, stressed in a letter to Mr. Schauble, seen by The Wall Street Journal, that the commission had no intention of becoming the bloc's banking resolution authority -- as the commission had initially proposed. But he didn't mention an alternative body that could take legal responsibility for winding down a cross-border bank.

内部市场(Internal Market)专员巴尼耶(Michel Barnier)在写给朔伊布勒的一封信中强调说，该委员会一如最初计划的那样无意成为欧盟银行业清算机构。《华尔街日报》(The Wall Street Journal)见到了这封信。但他未提及有什么替代机构可以承担逐步关闭跨国银行的责任。

The 'banking union' Europe hopes to construct is missing other key parts. EU lawmakers and governments also still have to agree on bank restructuring and resolution rules, and restart discussions on compensating insured depositors.

欧洲希望建立的“银行业联盟”仍有一些关键问题有待解决。欧盟议员和成员国政府仍需就银行重组和清算规定达成一致，以及重新开始讨论如何补偿已参加存款保险的存款人。

A first round of talks on depositor insurance collapsed over the size of national deposit-guarantee funds. Similar issues are expected when the cost of bank resolution gets figured in.

针对存款人保险的首轮磋商因国家存款担保基金规模问题而破裂。当银行清算成本被摆上讨论桌，预计也会出现类似问题。

But the decisions that may have the most immediate impact on Europe's financial system won't be taken in Brussels, but in London and Frankfurt. The European Central Bank and the European Banking Authority have to set the terms for new stress tests for bank, which some observers hope will finally force lenders to recognize hidden losses.

但可能对欧洲金融系统产生最立竿见影效果的决定不会在布鲁塞尔做出，而将在伦敦和法兰克福做出。欧洲央行(European Central Bank)和欧洲银行管理局(European Banking Authority)需要制定银行业新压力测试条款，一些观察人士说，新压力测试将最终迫使银行确认潜在损失。