In July 2013, when we announced for the first time that we expected our “key interest rates to remain at present or lower levels for an extended period of time”, forward guidance on interest rates was intended as a protective measure to insulate the euro area money market from the global financial turmoil that had followed the “taper tantrum” a few weeks earlier.
To achieve further development of Asian capital markets based on their interactions with global firms, it seems necessary to harmonize market infrastructures and financial regulations at regional levels. In this respect, I think that Europe offers some insights for Asia in terms of its experience of financial market integration.