This is largely due to the fact that the main tools to address globalisation and its effects are not in the hands of Europe but rather in the national  16  8  See Davies et al. (2006). BIS Review 144/2007  policymakers’ hands. Structural policies, affecting education, welfare, research and development, labour markets, are largely within national policies.
However, in many member states the financial sector is not geared to financing the households' consumption or housing requirements. The banking structure is based on household savings financing corporate investments, not on lending to households. In Denmark, lending by banks and mortgage-credit institutes to households matches the level of output.