And this burden can be palpable: for example, it currently looks as though Germany’s share of European debt will amount to around € billion in 2026 – or 8% of 2019 GDP.  [8]  When looking at the national debt ratios, the debt incurred at the EU level should therefore be considered and included in analyses.
But the history of the ATM reforms demonstrates how difficult it is for pure industry-based reform to move ahead without at least some push from a public policy body. Possible approaches Reflecting on that experience then, and looking to the future, the question is how best to strike the balance and to facilitate reform most effectively.