Today, I have been presented with the task of talking about regulatory proportionality from a supervisor’s perspective. As you have already heard what the credit institutions have to say, I need only give a rough overview of the reasons for greater proportionality and the burdens weighing on smaller institutions.
In this strand of literature, the rate of price increases, for a given level of real growth, is determined in the long term by the money growth rate (a concept which, incidentally, 14  15  16  17  18  Ethan Harris, in the reconstruction of the recent history included in his work on Bernanke’s Federal Reserve (E. Harris, Ben Bernanke’s Fed: The Federal Reserve after Greenspan, Harvard University Press, Boston, MA, 2008, p. 46) mentions a draft law designed to force through an easing of monetary policy, a congressional resolution with the same aim, various calls by members of Congress for Volcker to resign, and numerous attempts by the public and by representatives of various industries to intimidate the central bank, including the farmers’ siege of the Fed’s main building in Washington DC in 1979.