It monitors the observance by the systems of the requirements laid down in its oversight policies and procedures. Those are based on international standards and recommendations. They comprise among others, issues related to corporate governance and corporate structure, the latter aiming at avoiding the emergence of oversight gaps or loopholes at the level of the system operator.
According to this criterion, we have not, to our regret, sufficiently succeeded in maintaining price stability in Japan since the bubble period. BIS Review 55/2000  2  So far, I have mainly described the lessons for monetary policy derived from our experience during the period when the bubble emerged.