The current financial crisis, which has lasted well more than two years, is without any doubt the “champion” due to its wide spread and unprecedented effects. Between the ongoing crisis and those of the past there are factors that are common and there are some that are new. This time, a number of deficiencies in financial regulation and architecture have come to light, in terms of systemically important financial institutions, the evaluation of systemic risks and vulnerabilities, and the resolution of financial distress. The global nature of the crisis indicates that financially integrated markets offer a number of benefits to economic growth but, unfortunately, can also pose significant risks, with enormous real economic consequences. Thus, there is a need and at the same time a unique opportunity for the global financial system to adopt the necessary reforms. Baring in mind the past experiences, one thing is certain: Absolute answers and easy solutions exist only in our imagination.