Unless policy authorities, starting from those in charge of financial supervision, draw the appropriate lessons and have the courage to recognise what went wrong and how their task can be improved, they risk loosing the confidence of citizens, and ultimately their independence.
What if we do not raise productivity? On a macro level, we will fail to realize our GDP growth potential let alone reach our growth target. This means there will be fewer jobs available for many of our children and grandchildren. This means more unemployment, and less income. Poverty will rise leading to social problems.