Both efforts are steps in the  12  right direction. However, when tackling the resolution and promoting financial sector reform, it is important to pay attention to the market's reaction, and to communicate carefully with the financial market. Conclusion Today, I have described Japan's experience and its implications for China by focusing on monetary policy and financial stability.
*  *  *  Ladies and gentlemen, I am delighted to be here today at the Institute of European Affairs (IEA) to share with you my vision for the TARGET2-Securities (T2S) initiative as part of the integration of the European settlement industry for the benefit of market participants.