Italian Abstract: La proposta di unione bancaria europea rappresenta il più recente tentativo di guidare i paesi della zona Euro verso l'effettiva adozione di un codice unico e un unico manuale di vigilanza, allo stesso tempo dotandoli di un meccanismo centralizzato per la risoluzione delle...

The current financial and sovereign crisis is pushing European politicians and EU bureaucrats to devise new institutional and policy solutions. However, the new EU institutional framework and stricter regulatory requirements do not introduce significant changes in the laissez-faire nature of the...

The recent crisis has shown that the inconsistent design of the Euro area had previously produced financial convergence, not integration. The crisis increased fragmentation thus further exposing the limits of the single monetary policy. The absence of a common fiscal authority impedes the birth...

Starting from the mid-nineteenth century, this paper analyzes two periods of financial instability connected with financial globalization. The first culminates with the 1929 crisis, while the second characterizes the more recent experience starting from the 1970s. The period in between is...

The official regulatory responses to the current crisis do not alter the laissez faire approach to the production and allocation of financial risks which characterises the existing regulatory framework. The stated goal remains that of maintaining the freedom for the private sector to introduce...

The drive towards radical reforms of financial regulation is weakening as financial firms seem to be returning to calmer waters. The proposals that now appear to be having a higher probability of adoption leave the financial structure and its regulation substantially unchanged. An analysis of...

The paper offers a critical assessment of the financial reforms adopted or proposed at the European level. The reshaping of the EU institutional architecture and the adoption of the new Basel 3 rules should reduce the national margins of discretion that have up to now characterised supervisory...

The recent crisis has promoted a rethinking of financial globalisation, a revision that has also partially interested some official circles. National supervisors have often reacted to the crises of cross-border banks by ring fencing local interests. Some proposals (e.g. the Vickers Report and...

The paper analyzes the effectiveness and efficiency of Basel II as a tool to promote resilience financial. In assessing the criticisms of the New Accord. Basel II is not necessary nor a sufficient condition for reach the systemic financial stability, especially under conditions of weak...