%0 Journal Article %T Come difendere la globalizzazione e salvaguardare i sistemi bancari dal contagio? %A Mario Sarcinelli %J Moneta e Credito %D 2012 %I Associazione Paolo Sylos Labini %X The work summarises the main literature on the impact of globalisation and of the crisis on banking systems. The main conclusion is that a more compelling approach to financial regulation appears as necessary, though the complete homogenisation of financial systems is not a goal to be sought. The current approaches in the Anglo-Saxon countries, based on the segmentation of banking activities seems a right choice, due to both the political difficulties in enacting a stricter regulation of finance and the practical difficulty of regulating a sector pervaded by financial innovation. However, both the Volcker rule and the British approach of ring-fencing, suffer from two limitations: the risk of transferring even more risk to the shadow banking system, and the difficulty in practice to distinguish between legitimate hedging activities and forbidden speculative activities. %K globalization %K banking systems %K contagion %K crisis %K sistemi bancari %K contagio %K crisi %K globalizzazione %U http://ojs.uniroma1.it/index.php/monetaecredito/article/view/9941/9824