There are a lot of indicators that show improvement, such as employment, productivity, fiscal conditions, investment, exports, corporate profits, and wages; moreover, perceptions that the economy is recovering, 1  For my opinion regarding data-dependent forward guidance, see Yutaka Harada, "Economic Activity, Prices, and Monetary Policy in Japan: Speech at a Meeting with Business Leaders in Yamanashi," Bank of Japan, March 2019.
Macro-prudential supervision in the EU is to be entrusted to the European Systemic Risk Board (ESRB). The ECB will provide analytical and logistical support to the ESRB.