It is particularly important that countries prepare themselves for less favourable economic conditions and the rising fiscal burden, in the longer run, associated with population ageing. In this context, the gradual increase of the pension age in Germany is an important step in the right direction. It will help to reduce the large ageing-related fiscal burden on the younger and active generations.
Having emerged from a major crisis, it faces challenges and change. But one thing has not changed, and it never will. A bank needs a sustainable business model. It has to earn revenues; it has to keep its costs in check; and it has to keep its risks under control. How all this is done has changed, however.