In addition, siloing activities in the context of a resolution plan could affect day-to-day operations during normal times and might  2  For a review of recent literature on these topics, see Financial Stability Oversight Council (2011), Study of the Effects of Size and Complexity of Financial Institutions on Capital Market Efficiency and Economic Growth (Washington: Financial Stability Oversight Council, January).
The world thoroughly understands how Japan has been suffering long-term stagnation amid deflation, and there is a strong recognition of the need to avoid being like Japan in this particular regard. In fact, the CPIs in the United States, the euro area, and the United Kingdom have recently been on a downtrend (Chart 10).