However, two special features of the German economy should be considered: 1. The German economy is largely dominated by small and medium-sized enterprises, known as the „Mittelstand“. 2. Our financial systems rely to a large extent on long-term financing. This long-termism of financing has contributed successfully to the stability and prosperity of our economy, as well as the financial system.
Following the adoption of a concerted European action plan on 12 October last year, euro area governments announced national measures to support the banking sector. These measures, which were approved by the national parliaments of euro area countries without delay, consist of guarantees for interbank lending, recapitalisation, increased deposit insurance and asset support schemes.