The last two years have stressed how special and important banks are. When the financial system fails, the whole economic system is affected. The financial sector has undergone an unprecedented wave of innovation, change, consolidation and now crisis. We now have a better understanding of the...

It is the time for rethinking the international institutional framework organization. The financial system is global and the integration of international financial markets must be protected because it is and will be an important developing factor. Institutions had to change in order to make on...

In the international discussion about the change of the supervisory system, the strength of the approaches defined in Italy must be emphasized. If the model based on the board of statutory auditors could not be exported, some of the main characteristics could be preserved and replicated. The...

The financial crisis showed all the weakness of laws currently established and national supervisory fragmented frameworks not still applicable with the global dimension of financial markets and the cross border / sector activities of financial groups that can allow regulatory arbitrage. Is there...

The crisis had stressed the financial system and the supervisory model. It offers also the opportunity to strength the financial stability controls and to construct a more stable system that benefit from the market integration without increasing the overall risk. Among available solution for the...

Do rating models embody correctly the impact of macroeconomic variables on debtors’ solvency, determining a lag in downgrading? In pre-crisis periods, when interest rates increases are recorded as well as decreases in real growth rates, rating assessments fail to register risk increases in...

MiFid has fostered competition between stock exchanges and alternative trading systems by removing the option for Eu Member States to impose that equities must be traded only on regulated markets (so-called concentration rule). The success of alternative trading venues is mainly due to the...

The development of a long lasting relationship between banks and firms requires greater cooperation between the two parties, which must be based on transparency, availability of the right quantitative and qualitative information, the correct and complete use of these information by banks, in...

Establishing a European Banking Union offers clear opportunities: to break bank-fiscal interactions, national supervisory silos and home biases, to reduce fragmentation and improve single market, to stabilize the euro. Nonetheless it involves also risks related to the crisis management...

The proposal for a Directive and the related impact study presented by Ec in 2012 have the purpose to reorganize the financial systems crisis regulation, with particular emphasis on bank recovery and resolution. The new harmonized rules identify three groups of measures relating to prevention,...