We need to strike a better balance between setting standards for internationally active banks and allowing for different business models of the thousands of small and medium-sized banks in Europe. Clearly, we can only meet this task at European level. That’s why we need to move forward with proportionality within the current review process of CRR and CRD IV.
We also relied on a flow of migrants to boost the available labour force. Together, those imported resources were combined to generate growth and wealth at a rate that was probably similar to that achieved by the Asian Tigers in the last decade or so.