The paper analyses the adequacy and the effectiveness of banking regulation, focussing on «the trilemma of banking regulation». This term refers to the difficult task to harmonise three objectives of banking regulation, very important but conflicting. They are: the stability of banks and of the banking system, the freedom of market and its competitiveness, the entrepreneurial freedom of banks. The different solutions to the trilemma are analysed. With the aim to pursue a better balance among the three objectives, the central role of the banking resolution regulation is underlined.
