These three aspects of the post-crisis European regulatory architecture have greatly increased the significance of the matter: First, the shift from the old approach to prudential standard-setting for credit institutions, which was based on no more than a minimum harmonization at the European level, to a new system of almost full Europeanization of the applicable norms.
Latest data from the Ministry of Finance and the Economy indicate that the Central Government recorded a deficit of $ billion during the first eight months of Fiscal Year (FY) 2012/2013, compared with a surplus of $ billion for the same period one year earlier.