FAES Foundation has drafted this report in response to two key questions raised from the financial crisis experienced by the world economy: what went wrong? and what reforms are needed to right these wrongs? The proposals offered by this report attempt to learn lessons from the crisis. Vigorous and sustained recovery is unthinkable without a solvent financial system that channels savings efficiently. The proposed measures attempt to cover five main objectives: to boost the role of the monetary policy in financial stability, reduce the risks of the financial system, improve the supervision of institutions, increase transparency and incentives for prudent risk management, and optimise the effectiveness of international financial institutions. These measures are applicable to Spain, although the Spanish financial system has specific points that condition the efficient recapitalisation of a significant part of it. Saving these obstacles is essential for the economic recovery of Spain not to be aborted by an inadequate economic and financial policy.