Francisco B. Lopez-Jurado, University of Navarra discusses systemic risks and the reformation of the European Regulation concerning network industries. He first shows that air transport is as vulnerable to systemic risks as network industries. Second, he explors the various risk management measures included in the European regulatory frameworks of energy and air transport sectors and pleads for a more integrated regulatory approach with respect to systemic crises. 1st HEC workshop on regulation. Emergency regulation under the thread of a catastrophe: a hard look at the volcanic ash crisis. A conference organised by Alberto Alemanno, HEC Paris. 10 & 11 november 2010. More info at http://www.albertoalemanno.eu