9. Conclusions

In this book, we analysed the Package’s long journey, from its roots until the implementation in the leading EU economies. We stressed many times that the GFC paved the way to a new wave of regulation, including the revision of the MiFID I which, at the time of the outbreak of the crisis, had come into force less than one year before. Accordingly, we can come to our first conclusion, which is far more an open question: despite MiFID I being revised to take into account the issues brought by the GFC, might have the crisis been prevented, or the effect been smoother, had MiFID I come into force some time before? More reasonably, we can claim that the GFC can be interpreted as a really severe, but unfortunately realistic, stress test for the new-born MiFID I, very quickly become olden.