Finally, matters such as the consequences of Brexit, different approaches among member states regarding banking union, and the slow progress in establishing a single European deposit insurance scheme, have been hindering further progress in securing the financial system architecture needed to enhance stability. SSM has been the catalyst for the Banking Union of the EU.
In the Bank of Japan’s projection released in July 2012, the median of the Policy Board members’ forecasts for Japan’s real GDP growth rate is 2.2 percent for fiscal 2012 and 1.7 percent for fiscal 2013. 2. Prices  Next, I will talk about price developments. International commodity prices softened somewhat from autumn 2011, reflecting the slowdown in the global economy.