Similar movements were observed in other industrial countries: In the United Kingdom, the real yields on inflation-indexed government bonds fell from an average of 3.6 percent in 1996 to just below 2 percent in 2004; in Canada, the analogous figures were 4.6 percent in 1996 and 2.3 percent in 2004.
And I am convinced that this overhaul will contribute to future financial stability. There are two main reasons for this. First, deregulation and light-touch supervision were a significant cause of the financial crisis in 2008.