The labor participation rate for this age group has climbed to 77 percent in 2016, and as a result, the notorious M-shaped curve largely has been corrected. An international comparison shown in the lower right panel reveals that Japan's participation rates for women in 2016 are generally higher than in the United States, although not as high as in Germany or Sweden.
There is now more focus on systemic risk, and a European Systemic Risk Board, ESRB, has been set up. In Denmark, we have introduced the Systemic Risk Council, whose members were appointed last Thursday. Although Denmark has, in many ways, navigated the financial crisis better than many other countries, we have generally had to learn the same economic policy lessons as others.