2016 may be remembered as the year that bank regulation reached its high water mark. Ironically, the revolution against regulation began in the heartland of the European Union.
Government bond yields in November have been characterised by a steepening trend as the impact of Donald Trump's election victory sinks in. With globalisation in retreat, and borrowing likely to increase, long-term bond yields may rise further.
Just over two years ago, I took a train from Berlin to Wolfsburg, to visit a senior executive at Volkswagen.