At any rate, the recent change in the Federal Reserve Act removed the requirement that the Federal Reserve report to the Congress on growth ranges for M2 and other money and credit aggregates. My final topic is whether setting a reference value for money growth would be constructive for the FOMC and, if so, how to implement such an approach.
The financial system is a complex system, and has unique characteristics that require indepth through regarding how reforms and changes are to be carried out. I am happy that in the end, after tremendous effort by all those involved, we have succeeded in formulating recommendations that will benefit consumers and maintain the stability of the system.