Concluding remarks To achieve a dynamic economy in Japan, efficient allocation of economic resources through market mechanisms is indispensable. In this regard, it is of the utmost importance to reform the framework for corporate financing so that participants can accurately evaluate the risk and return associated with transactions and products. This, I would like to emphasize, is the core message of my speech today.
However, a binding contract between Member States is only needed where national preferences still play a strong role.7 For instance, it is necessary to work through reform contracts because countries have different approaches when it comes to labour relations or unemployment benefits, based on their own histories and cultures.