3  Chart 4  Exports and Industrial Production s.a., CY 2010=100  108 106  Real exports  Industrial production  104 102 100 98 96 94 92 90 CY10  11  12  13  14  15  16  4  Sources: Bank of Japan; Ministry of Finance; Ministry of Economy, Trade and Industry.
Regardless of the precise regulatory approach, to make the failure of a large international bank – however unlikely it may be – a manageable event, some banks may need to change their structure. Unfortunately, for the near future, resolution frameworks will remain focussed on the national level, because an international resolution regime is not politically feasible.