In addition, if the yen’s appreciation leads to a relocation of key factories as well as research and development (R&D) bases, the adverse effects on the economy’s potential growth are a concern.
Given these considerations, which we too have recalled repeatedly, the development of a harmonized banking crisis management framework at European level is necessary and urgent, in order to foster the orderly exit of these intermediaries from the market. It remains crucial that banks be headed by individuals whose professionalism and integrity are beyond reproach.