Given persistent risk aversion of households in Japan, mainly of seniors, the extent to which consumption will recover continues to warrant attention. The second factor is a risk that the effects of supply-side constraints will be amplified or prolonged (Chart 4). As mentioned earlier, the issue of parts shortages caused by the spread of COVID-19 in Southeast Asia has started to dissipate.
All the current members have joined the euro area not only on the basis of the Maastricht criteria, in accordance with the Treaty, but also on the basis of a broad consensus across the major strands of the political spectrum of each country. This seems to me to be essential, precisely because it involves sharing a common destiny. BIS Review 32/2010  3