First, fiscal policies in some countries have not been aligned with the requirements laid out in the Stability and Growth Pact. Second macroeconomic policies in some Euro area countries were not fully consistent with the participation in a monetary union that is founded on price stability.
I strongly hope that, in addition to the promotion of a growth strategy by the government, various measures and frameworks introduced by the Bank will be utilized effectively, and that this will contribute to further progress in the efforts to strengthen the growth potential of Japan’s economy. Thank you for your attention. 6  BIS central bankers’ speeches