Abstract

In the dispute that has been going on recently an argument has been raised that the financial crisis in Europe is a consequence of excessive freedom and lack of responsibility of market participants. A remedy is to increase the role of absolutely binding regulations. This should offer a protection against reckless, i.e. irresponsible acts. Such an attitude reflects unconditional faith in the wisdom of the legislator, who always knows better. I’d rather share the views that see the causes of the present crisis in the fact that the foundations of the free-market economy based on respect for the law, responsibility and business integrity have been upset.