I hope that this speech has highlighted the clear necessity of   a swift and ambitious budgetary consolidation in order to restore confidence in public finances,    strengthening the Stability and Growth Pact in order to prevent states from manoeuvring into destabilising situations that can cause a crisis,    a surveillance and early warning mechanism in order to have the ability to take counter measures at an early stage if necessary,  BIS central bankers’ speeches  3    a crisis resolution mechanism that permits the euro area to deal with a country in crisis without undermining the no-bail-out principle and hence the incentives for responsible, stability-oriented fiscal policies, and the necessity of    implementing a national “debt brake” to keep budgets in balance once they are consolidated.
In that regard, a move to establish Asia’s number one stock exchange by merging the Tokyo Stock Exchange and the Osaka Securities Exchange is highly expected as a new start of Japanese securities markets. Second, the existence of investors who aim at increasing their medium- to long-term returns.