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The
most relevant financial innovations have
been the result of active policies pursued
by public authorities, which have intrinsic
to them, a specific financial design based
on the freedom to create and absorb financial
risks. The excesses that are considered
as the main culprits of the current crisis
are therefore a part of the physiology
and not of the pathology of the wanted
financial morphology. As a consequence,
no regulatory reform can be effective
without radical changes in the system
design. A general outline of an alternative
approach to regulation is presented.
January 22, 2010.
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