The price paid for this was a higher burden on enterprises and thus a deterioration in supply and investment conditions. The government’s plan for a reform of business taxation now aims to give relief to enterprises and thus create conditions that are more favourable to growth via the supply side.
I will in particular analyse the factors that have contributed to its resilience over recent years. Since 2000, EU banks have been confronted by an extraordinary combination of adverse financial market shocks against the backdrop of a slow-down in the economy.