The ECB is also involved in discussions regarding financial regulation at the global level, where we are arguing that the non-bank sector – “shadow banking” – should be supervised just as rigorously as the banks. 2  BIS central bankers’ speeches  You are not worried that an abrupt reversal in the markets could quickly break through all of these firewalls?
It makes you more flexible, but it also makes it more difficult to finance innovation and exploit export markets. For sure, the fiscal situation is very different, and so are developments in competitiveness. One piece of data is really striking: between 1999 and 2012 nominal unit labour costs in Italy increased by a bit more than 36%, in Germany by less than 10%.