The model of a largely unregulated banking and financial services industry subject only to loose controls has been discredited by the current crisis. The American government sees itself obliged to put together rescue packages worth billions of dollars to prevent the collapse of the financial system and ensure the creditworthiness of the USA towards foreign creditors. A new model of organisation for financial markets must be developed in the years to come in order to prevent the emergence of speculative bubbles and a global financial crisis such as we are experiencing today. Europe has a key role to play in this.