In summary, my message is that a much needed resurgence in economic activity in 2011 will be greatly facilitated by a social compact – formal or implied, in which the various parties recognize the urgency of their respective roles whereby for instance:  2  BIS central bankers’ speeches  (i)  The Government succeeds in the implementation of the needed fiscal stimulus, including the reduction in arrears to contractors;  (ii)  The Central Bank increases its intervention in the foreign exchange market as needed;  (iii)  The business sector operates with the needed trust and confidence, avoiding the tendency to warehouse foreign exchange;  (iv)  The banks accept the need for a larger reduction in interest rates and banking spreads; and  (v)  Where all the parties contribute to easing the industrial relations climate and generally helping to restore confidence.
December 7, 2016  Bank of Japan  Japan's Economy and Monetary Policy Speech at a Meeting with Business Leaders in Nagasaki  Kikuo Iwata Deputy Governor of the Bank of Japan (English translation based on the Japanese original)  Introduction It is my pleasure to have the opportunity today to exchange views with administrative, financial, and business leaders in Nagasaki Prefecture.