NemID, the previous national 2-factor solution, used a small card with rows of pre-printed single-use codes. When you logged in to a bank or a public sector website, it would ask for a random code at a specific row and column number. Once the system registered that you had just a handful of codes left, a new card would be sent to you via snailmail. It worked fine for the time.

The current system, MitID, depends on smartphones, though you can get an an external key generator as a backup too.

Maybe the momentum of Stoxx600 will last the next 4 years? Or maybe the S&P500 will come crashing down soon? Who knows.

The Shiller PE ratio is insanely high. At least the European market isn't completely overinvested in just 7 companies who are spending a lot of their money on the exact same thing, so it has that going for it.

> And what's the actual result? Just look at the market capitalization of European companies compared to US companies..

Europe is actually doing quite well at the moment. The European stock markets have over-performed quite decently vs. the US ever since Trump became president, despite the various curveballs thrown at Europe in recent years. Market capitalisation in the US is held up primarily by the Magnificent 7 who are great outliers in the American stock market.

It's a crucial step on the way. Definitely nothing to scoff at.

Eu Inc. will become a reality soon, so it isn't like the Commission is standing still: eu.inc/what-is-eu-inc