Recent estimates suggest that these costs amount to about half of a percentage point of GDP in the European Union every year, 10 or to around € billion. By way of comparison, this figure amounts to almost half of the annual EU budget.
It is in these areas too, where there are various initiatives in place or planned, but which often do not get enough attention, that we need to create a positive dynamic of confidence, innovation and investment. That is the upside we need to create. 6  BIS central bankers’ speeches