This argument is conceptually incomplete, if not flawed, even when applied to generally applicable capital requirements. To the extent that equity investors demand higher rates of return from financial firms than from non-financial firms, it is largely because financial firms are so much more highly leveraged.
The Lisbon strategy itself was too broad, with an overload of objectives and targets. If the Lisbon Agenda is to get back on track and the EU is to realise its full growth potential, the pace of reform has to be stepped up at both European and national levels.