We realize that a strong stable financial system, an efficient and effective operating industry, and consumers that fully understand their rights and obligations will only materialize given that the supporting infrastructure is able to facilitate the developing dynamics. It is for that reason that improvements of banking industry must receive top priority.
Germany left the sick-bed and took bold steps towards recovery – only to be hit full-force by the fall-out of the financial crisis. In 2009, amidst a global recession, German GDP dropped by 5.1%. For Germany this was by far the biggest downturn in post-war history.