The shape of the yield curve will gradually return to normality as upward pressure is exerted on the longer end. A key characteristic of the government’s growth strategy is that it will take a while before its effects become visible. Nonetheless, we are starting to see some tangible results. Let me give you one example: raising the labor participation of women (Chart 9).
This is why the problem of banking sectors that are “too big to fail” also needs to be addressed one way or another. This could be achieved by downsizing the banking sector, as agreed at the meeting of the Euro Group. 2  BIS central bankers’ speeches  But let me get back to the current reform initiatives.