Second, we need to further strengthen and integrate our economic governance frameworks to make our economies more competitive and resilient to asymmetric shocks. One front on which European governance can greatly improve relates to structural reforms. Ultimately, structural reforms benefit the many at the expense of the few.
With the initiation of financial sector reforms in the early 1990s, various steps were taken to deregulate the lending rates of commercial banks. First, the credit limit size classes of scheduled commercial banks, on which administered rates were prescribed, were compressed into three slabs in April 1993.