The demand if not the need for regulation is at its highest during and especially immediately after a severe financial crisis. This is when the opportunity for real change, as opposed to an accommodation of the existing order, presents itself. This chapter first looks at the perception and understanding of the major financial crises, on which the degree of intensity of the need for change ultimately depends. It then turns to the question of the regulation, or absence of regulation, of financial innovations, especially those associated with a major crisis. Finally, it considers how the opportunities for improving the existing regulatory framework have actually been seized.
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