But it is not sufficient: the growth achieved so far mainly thanks to the favourable performance of the European economies, and of Germany’s in particular, must be progressively replaced by domestic expansion. If this is to happen a process of strong and lasting growth in total factor productivity, which has stagnated since the middle of the 1990s, must be set in motion.
In 2011, the G20 Leaders agreed to add margin requirements on non-centrally-cleared derivatives to the reform programme. Some progress has been achieved in accomplishment of regulatory reform. The Financial Stability Board (FSB) estimated that approximately 10 per cent of outstanding credit default swaps and approximately 40 per cent of outstanding interest rate derivatives were centrally cleared as of end-August 2012.