Such efforts have  BIS central bankers’ speeches  7  led today’s rapid progress. These examples suggest that history is a constant process of the rise and conquest of new challenges. Japan’s Economy is not an exception. Each time a new challenge arose, Japan overcame it through painstaking efforts and a strong sense of urgency.
In capital markets the euro has seen a tremendous development in its short existence. This has been the case for both the bond and the equity markets. 2  BIS Review 80/2001  The economies of, and the economic processes in, the countries currently within the euro area have become increasingly intertwined as we have moved towards EMU.