I hope that is not the reason behind the Brexit vote. In any case, it may not even be true – I have always felt there is a great deal of mutual respect between our two nations. Actually, I am rather convinced that the British and the Germans put an equal emphasis on the mutual friendship and partnership.
Second, we need to re-examine all aspects of the current regulatory framework to ensure it does not contribute to the intrinsic cyclicality of banking. A number of potential sources of pro-cyclicality need to be investigated, including fair value accounting and leverage, capital requirements and provisioning regimes.