In the same period, asset values of these entities increased from approximately € trillion to € trillion.17 We are seeing a very different pipeline of firms applying to become regulated - firms with novel business models, and firms applying for a number of parallel authorisations. We are seeing some firms do not understand that authorisation is just the beginning.
Then there was the episode with Greece, which was of course very controversial, as can be seen in the Costa Gavras film “Adults in the room”.