In many respects, the situation may be analogous to a phenomenon of which I am sure many of you are all too painfully familiar - the tendency to overbuild in commercial real estate when low vacancy rates prompt commercial building starts well beyond the point that, on completion, could be supported by the ongoing growth in demand.
We have been working on improving and fine-tuning our proposals ever since. As part of its general overhaul of EU banking regulation, the European Commission put forward proposals for strengthening the principle of proportionality. The European Parliament then produced a draft report, on which it was possible to submit comments until recently.