1  European Commission (2013), “The euro area’s growth prospects over the coming decade”, Quarterly Report on the Euro Area 12(4). BIS central bankers’ speeches  1  What’s more, one might argue that a lot of potential in terms of structural reform has already been unlocked, especially in the countries worst hit by the crisis.
Before that, I would like to make some more general observations. First, given that one of the main risks stemming from shadow banking relates to regulatory arbitrage, it is important, and indeed crucial in Europe, to ensure consistency of policy initiatives across countries.