The degree of financial openness, defined as the sum of cross-border assets and liabilities over gross domestic product (GDP), more than doubled in Germany between 1990 and 2000. Similar developments were observed in the other euro-area countries, too. But since the outbreak of the financial crisis, and especially the collapse of Lehman Brothers, Europe’s financial fabric has been placed under serious strain.
When our most vulnerable are empowered with financial support to take care of their family, they can pay for the basic needs of food, water and shelter, health care services, a good education for their children and enjoy a better living standard.