The financial crisis has prompted an extensive debate on the lessons to be learned, particularly from a regulatory point of view, and especially in Europe where the crisis could mean a serious setback for financial integration. The Larosière Report has set out guidelines for improving the European regulatory framework and has inspired a proposal for European legislation. Although the Report has been praised for its effort to overhaul European financial regulation, many details are still vague. In particular, there are seven points at the macro-level of prudential supervision on which clearer and tougher solutions are needed. Furthermore, there are two unresolved problems in the proposals for micro-supervision. It is important to take all of these issues into account in the future discussion on European legislation.