Unlike the official view which ascribes the current crisis to some anomalies of the securitisation processes, and consistently proposes minor adjustments to the existing regulatory apparatus, our opinion is that we are facing the last episode of a string of crises originated by the structural evolution of the financial systems in the last decades. Adopting a systemic approach, we summarise this evolution in six critical points and show the necessity of a radical overhaul of the regulatory framework. A preliminary scheme of consistent regulatory measures is then proposed, aiming at an acceptable degree of systemic stability while reasserting the fundamental function of the financial sector of promoting private productive investments and innovation
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