Although in terms of contribution to GDP growth business fixed investment is playing a greater role than net exports, the recovery in industrial production and business fixed investment is in fact triggered by the increase in exports. In the meantime, domestic demand is generally sluggish because of adjustment pressures on balance sheets as well as equipment and labor.
This includes in particular the global monitoring of systemic stability and the supervision of systemically important cross-border institutions, while properly addressing interlinkages among themselves, with other financial and non-financial institutions and markets. In this context, I fully support the broadened mandate and stronger institutional basis given to the Financial Stability Board (FSB).