And here's the main problem, I'm sure Gareth Barry will agree..
Prof Werner is also critical of the UK's concentrated banking structure - which he argues has made the economy more vulnerable. "British banking is dominated by a small number of big banks - with just five banks controlling 90% of deposits," he says.
"Big banks want to lend to big firms and do big deals that give big bonuses. Small firms are too much hassle, and the banks are absolutely not interested - even though small firms need the credit and account for 70% of UK employment. So these small firms are credit-rationed and that's a problem."
"In Germany, 70% of deposits are held by 2,000 banks," says Prof Werner. "These local German banks lend a lot more to small- and medium-sized firms, and when the credit crunch happened most of them were fine."