Secured transactions financing plays a fundamental role in some European domestic markets, such as, for instance, in the UK or in Germany; in recent years, it has become increasingly important also in international transactions. Due to the marked differences shown by the national legal systems, however, security devices do not easily cross borders. The talk addresses the following questions: Is a European common regime on secured transactions needed, for reasons of efficiency, equity, or both? And what should a reasonable European regime look like?