And if that weren’t enough, there has been a peculiar shadow lingering over the German banking landscape for many years, with no one really being able to tell if it will ultimately prove to be a blessing or a curse. The shadow I am referring to is digitalisation.
Decisive and immediate action is still required. In my view, progress on three fronts will be critical to restore confidence. Two are geared to the medium term; one is geared to the short term. First, we need a quantum leap in the breadth and authority of international financial supervision and regulation.