ABSTRACT
Introduction The global financial crisis that erupted in 2008, after the demise of Lehman Brothers, is not simply the result of a lack of appropriate regulation of bankers’ forms of behaviour, as generally claimed. To be sure, misbehaviour can give rise to a variety of financial or economic crises, but cannot originate a systemic crisis, which is a crisis that affects the economic system as a whole. For such a crisis to occur, there must be a structural flaw, to wit, a system-wide disorder. Indeed, this is what a truly macroeconomic analysis can reveal, if we consider the monetary architecture that exists to date to carry out payment orders at the national or international level (Cencini and Rossi 2015).
