As I will explain, certain aspects of this approach may not provide transparent accounting for banks. Third, I will discuss the potential benefit of moving toward principles-based accounting standards when these are implemented in conjunction with cultural changes in the accounting profession that strengthen oversight and auditing processes.
Under such circumstances, it is still difficult to expect an immediate self-sustained recovery in private demand. Overall economic developments require careful monitoring in consideration of the above points. It is also important to promote structural reform, while preparing an environment that facilitates such reform, in order to assure the economy’s sustained growth in the medium term.