ABSTRACT
The financial crisis of 2008 is above all a crisis of the financial system as a whole. This is why it is called the Global Financial Crisis (GFC) and is different than the previous crises (the Great Depression in the 1930s, the Japan crisis in the early 1990s, the Black Monday of 1987, the 1997 Asian financial crisis, etc.). It is a superposition of the 2007 subprime crisis, affecting primarily the mortgage and credit derivative markets, and a liquidity funding crisis following the demise of Lehman Brothers, which affected the credit market and more broadly the shadow banking system. This crisis was not limited to the banking system, but has affected the different actors of the financial sector, in particular insurance companies, asset managers and of course investors. As we have seen in the previous chapters, this led to a strengthening of financial regulation, and not only on the banking sector. The purpose of new regulations in banks, insurance, asset management, pension funds and organization of the financial market is primarily to improve the rules of each sector, but also to reduce the overall systemic risk of the financial sector. In this context, systemic risk is now certainly the biggest concern of financial regulators and the Financial Stability Board (FSB) was created in April 2009 especially to monitor the stability of the global financial system and to manage the systemic risk 1 . It rapidly became clear that the identification of the systemic risk is a hard task and can only be conducted in a gradual manner. This is why some policy responses are not yet finalized, in particular with the emergence of a shadow banking system, whose borders are not well defined.
