To this end, we need to promote cooperation between the IMF and regional financial arrangements such as the European Stability Mechanism and CMIM, and expand international currency swap arrangements. Finally, I would like to emphasize the necessity of structural reform.
As a result, credit demand in the private sector has continued to be basically stagnant. In view of this, the underlying tone of private banks’ lending seems to remain sluggish although its year-on-year rate of decline slowed in April for the second consecutive month. Issuance of corporate bonds and CP has been steady.