SOMMARIO: G. Goisis - P. Parravicini, Introduction – 1. M. Bagella - R. Ciciretti, Financial markets and the post-crisis scenario – 2. G. Goisis, Micro and macroeconomic effects of financial innovation in a domestic and international perspective – 3. G. Goisis - M. L. Giorgetti - P. Parravicini - F. Salsano - G. Tagliabue, Economies of scale and scope in the European banking sector – 4. G. Goisis - P. Parravicini, Balance of payment deficits and the international financial downturn: a few alternative assumptions – 5. E. Lancellotti, The impact of financial innovation – 6. A. Montesano, Risk allocation and uncertainty: some unpleasant outcomes of financial innovation – 7. G. Palmerio, Some thoughts of financial innovation and financial crisis – 8. P. Porta, Great Depression n. 2: finance and the real world – 9. L. Prosperetti, Some regulatory lessons to be drawn from the financial crisis – 10. B. Rossignoli - F. Arnaboldi, Financial innovation: theoretical issues and empirical evidence in Europe – 11. G. Tagliabue, The role of controls in the international financial crisis – 12. S. Zamagni, The lesson and warning of a crisis foretold: a political economy approach.