Concluding remarks: prudent implementation of the prudential measures  In this speech I have argued that regulatory changes often have unintended and sometimes considerable cross-border impacts in the increasingly integrated world of finance, as evidenced by the leveraging rule and other regulatory changes of 2004 on European financial institutions, and now possibly by the Volcker Rule on non-U.S. financial institutions.
3  In what follows I quote data taken from Istat (2014), Struttura e competitività del sistema delle imprese industriali e dei servizi, anno 2012, Report of 27 November 2014. 4  M.L. Rodano and C. Rondinelli (2014), “The Italian household consumption: a comparison among recessions”, Gli effetti della crisi sul potenziale produttivo e sulla spesa delle famiglie in Italia, Seminari e convegni, No.