Even at a later stage, when experts finally agreed on the need to provide public support for financial institutions, measures to inject public funds into those institutions met with public opposition (Shirakawa 2012).10 At the same time, the drag on aggregate demand was severe owing to the balance sheet problems of firms and three types of excesses – employment, investment, and debt.
I salute and pay tribute to you for the work you have done and are doing, in the area of financial system supervision, this is an important work, but I think you know as well as I do, that this work is not about us but our region and the people we serve – their protection and enhanced quality of life.