THE IMPORTANCE OF SYSTEMIC RISK MANAGEMENT AND MACROPRUDENTIAL SUPERVISION IN AVOIDING THE FUTURE OCCURRENCE OF A FINANCIAL CRISIS SIMILAR TO THE PRESENT ONE

Some of the main reasons that led to the emergence of the ongoing financial crisis stem from insufficient risk management, the de-regulation of financial institutions, the lack of macro-prudential supervision and the implementation of the free/perfect markets model. This article analyzes and discusses both the importance of systemic risk management and macro-prudential supervision and their effect upon the ongoing financial crisis, as well as the recent measures undertaken in this respect at the level of the European Union, USA and G20.