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In the enthusiasm for opening up to competition or in the firm desire to preserve the achievements of public service, it was somewhat forgotten that systems of economic regulation are not left to simple competition because they also involve risks. Current events are a stark reminder of this. Economic regulation must contain the risks, so that the economic dynamism of risk-taking does not degenerate into a crisis or the prospect of one does not freeze the sector. Competition and risk, risk and crisis, rules of behaviour and prudential rules - it is difficult to reconcile the two. Regulation is moving towards new standards, fine watchmaking. The experience of open crises, for example in the banking and energy sectors, teaches modesty. The art of preventing and managing risks must therefore be put back into practice, in balance with the other principles governing regulated sectors.
The book discusses system risk, when the crisis is general, often resulting from exogenous events, but also deals with the risk specific to the construction of regulations, incoherence, whose concern leads to the ambition of interregulation. Opposing interests and confrontations feed economic prosperity, while conflicts and blockages harm it, and the settlement of disputes then takes root in regulation in order to close the wound.