Furthermore, efforts on the part of the financial services industry seem to have been largely negated by the continued decline of real estate and other asset prices, as the persistent economic stagnation has lowered the expected economic growth rate. It is true, however, that progress has been made in reform related to financial services and markets.
Frameworks have been established for the resolution of failed banks and for injections of public funds into troubled banks. Necessary revisions have been made to tax and accounting systems, and bankruptcy laws. In addition, inefficient and outdated trade practices that existed in the relationship between banks and their corporate clients are being reviewed, as evidenced by the accelerated unwinding of cross-shareholdings.