No system of regulation can be perfect, but it is essential that we find a way to supervise nonbank credit. It is no coincidence that many of the companies affected by the crisis belonged to one industry, the real estate industry, and that tells us something. The Securities Authority is responsible for transparency, but it does not regulate due diligence in new issues.
5 A further reason to give market participants pause is that, in the short term at least, the expected direction of monetary policy in the Eurozone and Japan diverges from that of the United States and the United Kingdom.