Simpler, but robust – to my mind, this is what regulation should look like for banks and savings banks that are not large, complex or risky. As I see it, this means that we need to examine the rules more closely.
In some countries, private or government consumption grew faster than the economy’s potential output. In addition, in some countries, a significant real-estate bubble was the consequence. The international competitiveness in a number of countries deteriorated. Necessary reforms to make labour, product and services markets more flexible were postponed.