Criticism against banks and bankers is not as pronounced in Japan today as it was ten years ago or as we see it now in the United States or Europe, but that should not be an excuse for us gathered at this Conference to avoid reflecting on this important issue. BIS central bankers’ speeches  1  I.
Improving the infrastructure of financial markets  Let me begin with the infrastructure issues. During the height of the Great Financial Crisis, especially in the second half of 2008, financial markets, particularly in the United States and Europe, virtually ceased to function. Market participants were not lending to each other even in secured markets such as the repo market.