Population ageing tends to reduce both the size of the working-age population and the labor participation rate for the whole economy, thereby reducing total employment. Chart 4 (3) indicates that the contribution of employment to economic growth turned from positive to negative in the 2000s.
Is universal banking, the model that the United States has now turned to, appropriate? Can we apply the same regulatory regime for both wholesale and retail banks? The burden of all the above questions is to identify the drawbacks in the present regulatory regimes and indicate possible solutions. There is no doubt that we must pursue all these questions.