Protectionism leads to chain reactions. That game quickly 1/3  BIS central bankers' speeches  results in shrinking prosperity. All these voters underwent austerity measures, their taxes were raised, they saw European politicians simply muddling through the crisis. And as a reward for all this misery, they also have to face painful pension and labour market reforms.
In the U.S., CRE loans add up to more than 20 percent of banks’ loan portfolios while for example in German banks they only account for 7 percent on average. However, the range for German banks varies and can be as low as 2 but also as high as 25 percent for an individual bank.