Then I would like to talk about the consequences of the current crisis for Austria, and the policy measures which have already been taken to stabilize the situation in Europe in general and in my country in particular. Finally, I want to share some ideas with you on how we might prevent such a crisis in the future.
The most significant difference between the financial market in Austria and the U.S.A. – next to the difference in sheer size, which is hard to ignore – is the structural importance of banks for financing the private sector in Austria, whereas the financial system in the US is a lot more market-based.