My colleagues and I on the ECB Governing Council have been regularly calling for further structural reform. For example, labour market reform that stimulates the movement of labour around the euro area is likely to reduce euro area unemployment overall, as well as reducing disparity in prices, wages and unemployment rates between regions. Central bankers in other countries make similar points.
If potential errors in the measurement of trading risks may prove fatal to core banking services, it may be better to move the risks elsewhere altogether. This is what separation does: it compartmentalizes risks within the banking group, a bit like firewalls help restrict the spreading of fire.