This article examines the relationship between financial crises and ethics on the one hand, and criminality on the other. The main thesis is three-fold. First, minimal governance – which characterises economic and financial globalisation – produces by itself both the crises and fraudulent or criminal behaviours. Secondly, however, crises and frauds produced by the weakness of governance do not develop independently of each other. They are tightly interconnected, because both are due to the inner contradictions of the financial system. Thirdly, when dealing with systemic crises, fraud becomes the managerial tool that prevents the economic and financial system from collapsing.
European Business Law Review