It could then be expected that different views emerge about the regulatory reform efforts that are not yet concluded. Let me mention four. According to one view, the crisis and its recessionary effects result from the excesses of finance and insufficient regulation. This implies that the main effort should be to tame finance in order to avoid future crises of the same type.
Although in my remarks I will take a European perspective, at the end of my considerations I will attempt to draw a comparison between the monetary policy concept adopted by the European Central Bank (the ECB) and the one adopted by the US Federal Reserve System. Central banks and uncertainty The ECB, like all central banks, is faced with several dimensions of uncertainty.