In this regard, the BSP is working closely with the National Government and the private sector on structural reforms in line with a whole-ofnation approach. On our part, we would like to transform the financial landscape through legislation, digitalization and environmentally sustainable practices. I thank the Asian Banker for recognizing the BSP’s efforts towards nation building.
In sum, with higher costs and stiffer competition on the cards, the question arises for the German banking sector whether there will be sufficiently good business in Germany for every bank. Some banks will therefore need to work hard on their cost structure.