The importance of disaggregation was illustrated once again, as most of the miss was accounted for by overprediction of investment in high-tech equipment and software. Clearly, factors other than those in the standard model must have been at work in that sector. The most promising place to look for explanations is in the expectations and attitudes of the managers entrusted with making investment decisions.
Hence, we have an inconsistent trio: an economic structure mostly requesting bank finance, regulators concerned with the risks posed by banks” activity, and banks consequently stepping back from ample parts of the credit markets. How to sort ourselves out? One way is to move the European financial structure from intermediaries towards markets (Visco, 2015).