摘要：The sub-prime mortgage crisis in the USA followed by the sovereign debt crisis in Europe has shown how important it is to redesign fiscal systems so as to adapt them to systemic risks both today and in the future. At the moment, market stability has been mainly achieved through interventions of both monetary authorities and supra-national institutions. The Stability Financial Board, the elaboration of the new Basel III requirements, and not least, the first (and hard fought) steps towards coordination of banking controls at a European level are part of the efforts to re-design financial regulations.
