Meanwhile, according to business surveys, although there seem to be slight improvements, financial positions of firms, particularly those of small firms, remain severe. The year-on-year growth rate of the monetary base rose somewhat and is around 15 percent. The year-on-year growth rate of the money stock is around 1.5 percent. Funding costs for firms continue to be at extremely low levels on the whole.
Thank you for the invitation to speak to the American Bar Association about a subject that has been in the spotlight in the business community the past two years. This morning I would like to make a few remarks about the role that legal counsel and other professionals should play in ensuring effective corporate governance.