A text for an international conference in Milan, September 2018. The background is the concern about the potential fragmentation of the multilateral system of international governance that has been built up after 1945. In the financial regulation domain these fears have not yet materiliased. Further regulation has stopped though. Summing up, progress was made in stepping up regulation to make the system safer but, despite the big financial crisis, no deep structural change was introduced to properly tame finance and debt, making the system prone to new crises.

In this text from November 2017, I make an assessment of the different aspects of the regulatory reform introduced after the crisis. I point to to the need to avoid thinking that more finance is always good for growth, that Fintech does not change the fundamental justifications for financial regulation. I finally address the remaining points of needed financial regulation.

A text from July 2016 addressing the challenges for the Banking industry created by the development of finance,Fintech threats and financial regulation. I try to debunk the libertarian illussions that Fintech will imply the end of banking. Incumbent banks are incorporating the technological progress and the unbundling of banks´functions should not be allowed by regulation. I address also developments of European regulation with a veiled criticism of the excesses of BRRD