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In the aftermath of the global economic crisis, banks were blamed for their irresponsibility and legislators prepared measures to prevent new turmoil. This evolution will be accompanied by considerable costs. Moreover, national budgets are under stress and there again banks are under pressure to contribute, which will make banking, and labour in general, more expensive. Allow me to briefly list some of the initiatives currently being discussed or implemented. During the financial crisis, the EU decided to quintuple the level of deposit guarantee schemes as well as make these schemes ex ante. In Luxembourg, where the guarantee scheme has so far been ex post (i.e. banks committed themselves to pay for the guarantee in case of a bank failure), banks will in the future have to pay into the...
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