. racist tendencies are on the rise in many eu countries. on this basis, you won ’ t be able to carry on doing what you ’ ve been doing thus far. you will have to end it – one way or another. cœure : we think that governments need to undertake structural reforms to create sustainable growth, but i do agree with you on one point : we need more investment in europe. investment has decreased too much in the crisis and it is needed for the future of the citizens. but that is the responsibility not only of governments, which should give priority to investment within public spending, but also of the private sector. governments need to create the right environment to stimulate private investment. sz : what types of protest are you planning next? aschmoneit : we are telling you quite openly what we intend to do : we want to stop your party to celebrate your move into the new premises and we intend to do so in a polite and friendly, but also full - on manner. will you tell us when the party will take place? cœure : that hasn ’ t been decided yet, no date has been set. we will probably start to move in november, but celebrations will most definitely not take place in 2014, but rather next year. sz : one final question for you all : what do you feel when you walk past the euro symbol in front of the ecb? ratz : when i walk across the park, i think of how democratic protest is being stigmatised in frankfurt. this is perhaps something that the ecb can do very little about, but the city of frankfurt has tried, from the very outset, to suppress any democratic protest. i have been politically active for many years, but i have never before experienced anything like it anywhere else. aschmoneit : in my case, the euro symbol makes me grin. when we first demonstrated in front of the ecb, the police cordoned off the entire area. nevertheless, some of us still managed to climb up the euro symbol and unfurl our protest banners. and that is also a bis central bankers ’ speeches precursor to what i hope will happen : your system, capitalism, is going to die out. i hope that whatever comes afterwards, will be a better world, a world of humanity, coexistence. cœure : i have mixed feelings when i walk past the euro symbol, as it is the first thing i see when i go to work

, spain ( 16 per cent ) and the united states saving and loan crisis ( 3. 2 per cent ). 1 and these are just the fiscal costs. the cost of bank failures is not limited to the cost of rescuing banks or bailing out depositors. the real economy costs can be greater and longer term, including weakened investor and consumer confidence, higher borrowing costs, potentially protracted credit contractions and, in consequence, lower economic growth. given this combination of critical importance and potential fragility, no country can afford to view its banking system with indifference. the banking system is something that is central to a nation ’ s economy. and that applies whether the banks are locally - or foreign - owned. indeed, some countries, including australia, appear to see banks - at least the large, systemically - important, ones - as being so central to their economy as to preclude them from being foreign - controlled. source : hoggarth g, and v saporta, “ costs of banking system instability : some empirical evidence ”, bank of england financial stability review, june 2001. by contrast, in new zealand, as a matter of policy, we don ’ t restrict foreign ownership in banks, and all our systemically - important banks are foreign - owned. but, while we have seen no need to restrict foreign ownership, we do see a need for regulation of overseas - owned banks so as to provide reasonable assurance that the new zealand banking system could weather a period of banking stress. sometimes it is suggested that having banks that are owned by substantial foreign - owned banks is actually an advantage, because the foreign owners can be relied on to mount a bail out if the need arises. while this may often be true, i think it would be imprudent to rely on such an assumption. to be sure, experience indicates that, usually, parent banks do stand behind their overseas operations, since not to do so could seriously undermine market confidence in the parent ’ s own financial position, and would involve writing off the franchise value embedded in their overseas investment. but there will be occasions when an overseas owner is either unable, because of its own financial weakness, or because of home country regulatory constraints, to provide that support. these cross - border issues are something that many countries, particularly the growing number with a significant foreign bank presence, are having to come to grips with. increasingly we are being confronted with the fact that shareholders, customers, and taxpayers, not only have different interests