The reason is that the link between industry structure and adaptability, on the one hand, and financial stability, on the other, has not received as much attention as it deserves. This is particularly so in continental Europe. I. Forces of change  Many of the forces of change behind the transformation under way are common to the financial industry globally.
Because the financial industry in Europe has, in some respects, been less affected by these forces to date, Europe should be in a good position to learn from the experience of others. Of the global forces, three can be highlighted, viz.