On 7 June 2012, in Copenhague, at the Institute of International Finance (IIF) analysed the impact of the new regulatory regime on banks, credit and systemic risk and the new challenges facing Europe. He took act that Zero growth is expected, european unemployemt is at 10%, many firms have difficulties to finance new projects and spending for innovation is down. I said that European leaders need to do more, even if they have already done much. They are obtaining a new fiscal compact, which requires very strict rules on government deficits and agreed on a close coordination of our national economic policies, notably though the "European semester" including a collective right to review the annual budget of each Member State before it is finalised. But to restore the citizens’ trust, Regulation must be developped.