We are moving towards a new European pact, towards a shared management of the underlying problems of our economies in which each is called on to shoulder more responsibility in serving the common good. Although the forms may be mortifying, the substance of the problems to be solved does not depend on the person who enunciates them.
Indeed, term deposits have accounted for most of the growth in bank deposits since the onset of the financial crisis. They now account for about 44 per cent of the major banks’ deposits, up from 30 per cent in the middle of 2007 (Graph 2).