Josef Ackermann, CEO of Deutsche Bank, said officials need to consider how higher capital requirements would affect the banking industry and the broader economy. "Higher core capital requirements mean greater limits on income-level amounts," Ackermann told participants at a conference in Frankfurt. "We should carefully consider what the cumulative impact of all these measures will have on the banking system's ability to provide the financial means for growth and innovation." He also said Europe is missing out on opportunities to consolidate its banks. "While the US and China use the crisis to create large and competitive institutions, Europe threatens to be left behind."