La crisi finanziaria è un test per Basilea II?

Is the financial crisis a test for Basel II? - In the last few months the debate about the Basel II framework has been intensified by the extent of the current financial crisis. The main discussion focused also on the impact of the new capital regulation over the business cycle fluctuations. Some market players fear that the new framework may be pro-cyclical as it is based on risk sensitive principles. Indeed the Basel II Committee is working on reforming part of the existent regulation. But, at the same time, the soundness of the main body of the framework has been confirmed by the supervisors. Anyway it is unreasonable to think that an extensive regulation concerning capital requirements is enough to prevent any excess of the financial market. In fact, the best lesson we may learn from the present crisis is that only a sound and cautious corporate governance leads to a responsible balance between financial profits and underlying risks. A brief description of the crises on the Italian market is also presented. The traditionally conservative lending practice of the Italian banking system seems to have shielded, in part, this economy from the crisis.

Keywords: Banking, financial crisis, Basel II, risk management

Jel codes: G01, G21, G32

Renzo G. Avesani, La crisi finanziaria è un test per Basilea II? in "ECONOMIA E POLITICA INDUSTRIALE " 4/2009, pp 23-35, DOI: 10.3280/POLI2009-004003