Dirk Ehtns — JP Morgan points out “features which appear to be unsuited to further integration”

The text does not continue to make explicit the “features which appear to be unsuited to further integration in the region”. I guess that to all bankers involved it is clear that bloated welfare states, regulations of financial and labour markets and high taxes on business and higher incomes are meant. Between the lines you could also read that in fascist dictatorships “economic and political reform” is easier to implement. Now, with democracy, that is a bit harder.