What seems to be sure, even in the current phase, is that changes are required at all levels of the financial infrastructure, from accounting to prudential rules, from the oversight of rating agencies to risk management practices in financial institutions. This crisis should lead all parties involved to a deep rethinking of the role of financial industry and legislation in our societies.
The starting point is well known: the very specific nature of financial markets which can function only to the extent that there is confidence. Confidence in financial markets, and within financial markets, depends on many factors. Regulation is only one factor.