One key challenge for evaluation is that many of the costs of financial reforms borne by financial participants – such as enhanced reporting costs – tend to be felt immediately and are often observable.
*  *  *  Part I BILD: President Draghi, when it was clear that you were to become head of the European Central Bank, BILD made a photomontage of you wearing a Prussian spiked helmet and called you a “true German”. What did you think of that? Mario Draghi: I really liked it.