Abstract

This final article reviews the lessons that can be drawn from all the previous papers as far as the regulation reform is concerned. One of the most important aspects is the reform of Basel 2, as, in the wake of the crisis, the problem of the procyclicality of banks' capitalization systems and the need of new capital requirement, as the leverage ratio, have emerged. Furthermore the crisis has highlighted the weakness of market discipline, as public bailouts threaten competition rules and rating systems applied to securities issued by special purpose vehicle have revealed inadequate.