Just to give you an impression of the numbers: in the United Kingdom the financial sector contributed 9½% to gross value added in 2009, compared to 5½% in the euro area and just 4% in Germany. Looking back to the origins of the crisis, there is little doubt that an inadequate regulatory framework was its most important cause.
A lot has been done from an institutional standpoint, the banking union in particular. A lot has been done in countries that are reforming their economies, reforming their labour markets, and we are gradually seeing it in the numbers. What is it though that needs to happen next for Europe to get back its confidence, to get back its swagger?