Nevertheless, in addition to the many useful steps being planned by regulators, perhaps we could pay more attention to the low-frequency swings in asset prices and leverage (even if that means less attempt to fine-tune short-period swings in the real economy); we could have a more conservative attitude to debt build-up; and we could exhibit a little more scepticism about the trade-off between risks and rewards in rapid financial innovation.
I think it is justified to attribute this to the structural reforms undertaken more than a decade ago. Does this make Germany a role model for other countries in the euro area? Certainly not down to every detail. Each country is different, and each country needs a different set of reforms.