While overcoming the current crisis with preemptive responses, we also should devise plans in advance to unwind these unprecedented measures once the crisis subsides. The COVID-19 crisis could raise questions about whether inflation targeting is suitable to the current situation. Even before the crisis, inflation had been running below the target level for a considerable period.
The trend towards securitisation can be regarded as one of the reasons for the structural changes in the banking system that appears to have accelerated recently. There have naturally also been other reasons why banks have sought to merge, predominantly the need to cut capacity and to reduce costs. These cost-driven mergers have taken place primarily among smaller banks. 6.