In addition, the Bank will continue to carefully examine new economic data and information, so that appropriate policy measures can be taken flexibly if the probability rises of a significant deterioration in the outlook for economic activity and prices or it becomes uncertain that Japan is on the road to overcoming deflation.
Of course, the bank will also look closely at the different national recovery and resolution conditions. And they have only been marginally harmonised, so there is no uniform toolset for crises. For instance, I have sorely missed the opportunity to declare a moratorium recently. The examples I have mentioned show how many national barriers are still blocking the way to a European banking market.