Executive summary -- Introduction -- 1. The macro-policy faults -- 2. Regulation, innovation and financial instability -- 3. Crisis management -- 3.1. Central banks on the firing line -- 3.2. Enter the state -- 3.3. Toxic assets, bad banks and nationalisation -- 3.4. Strengthened tools for crisis management -- 4. Regulatory architecture -- 4.1. Banks and non-banks in a sound regulatory system -- 4.2. Supervision by objectives -- 5. The regulator's tool box -- 5.1. Capital requirements -- 5.2. Fixing management incentives -- 5.3. About transparency and market integrity -- 6. Coping with an unstable macro-financial environment -- 7. Our main proposals -- Appendix : chronology of main events, 2007-2009
