If we look back a few years, we can see that, thanks to structural reforms in the labour market and the budget consolidation that was already underway, Germany was in a relatively good position when the financial and debt crisis hit.
Nonetheless, if the structures and transactional processes of financial instruments are too complex as with CDOs, in which it is too difficult to identify the problematic entity, surveillance becomes a path fraught with difficulties. 2. Financial innovation incentives  Secondly, the incentives for innovation by financial market players themselves turn into barriers to effective surveillance.