In this interview, Alexandre Lamfalussy, General Manager of the Bank for International Settlements (BIS) from 1985 to 1993 and President of the European Monetary Institute (EMI) from 1994 to 1997, describes the ‘Lamfalussy process’, a system based on a series of recommendations concerning the regulation of European securities markets made by a Committee of Wise Men, chaired by Alexandre Lamfalussy, and adopted by the Maastricht European Council in 2001. He also draws lessons from the economic and financial crisis that began in 2007.