Conducting  6  BIS central bankers’ speeches  monetary policy in this way, how significant of an effect can be expected in terms of achieving the goal of overcoming deflation? Put differently, what kinds of measures are needed for Japan’s economy as a whole to ensure that this goal will be achieved?
But overall, let us recognise what has been achieved: First, the six-pack, the two-pack and the Fiscal Compact have made the governance framework more commensurate to the challenges of a monetary union. This was an important step towards sound public finances in the euro area.