From 2008 to 2010 government aid disbursed to European banks for recapitalization and coverage of losses amounted to € billion, or 3.3 per cent of GDP; the guarantees utilized for new issues of debt totalled € billion (9.1 per cent of GDP). In Italy, equity transactions amounted to € billion or 0.3 per cent of GDP, and the banks required no guarantees.
As I mentioned at the outset, the Bank recognizes that the inflation rate consistent with price stability on a sustainable basis will rise as efforts by a wide range of entities toward strengthening competitiveness and growth potential of Japan’s economy make progress.