As Carducci and Padoa-Schioppa noted in their final report, ‘without that precious collaboration, it would have been impossible to conduct the research so rapidly and comprehensively’. The report compiled by Carducci and Padoa-Schioppa offered a synthetic but thorough description of the real, monetary and financial sectors of the Japanese economy at that time.
Similarly, results from the exchange rate and interest rate risks stress testing revealed that unanticipated shocks may not significantly affect the solvency condition of the entire system. 4  10. Overall, the resilience of the banking industry to shocks  improved  significantly in  December  2018  relative  to  December 2017 although fragilities exist at few individual banks’ level. 11.