Many analysts have said that if in the pre-crisis period we had the instruments of macroprudential supervision that we have today, then the crisis would, most likely, not have occurred. Structural weaknesses include, among others, the excessive reliance on bank credit in the euro area which, due to a weakened banking system because of the crisis, has delayed recovery.
In the left-hand chart, figures for Japan are the CPI (less fresh food). 2. In the right-hand chart, Delivery delay index = 100 - Suppliers' delivery times index. Figures for the United States and the euro area are for the respective manufacturing PMIs. Those for Japan are for the au Jibun Bank Japan Manufacturing PMI.