Second, it is equally important to ensure that innovations are adopted to increase efficiency instead of becoming a hurdle to financial integration and efficiency. In its catalyst function, the ECB uses its position as “honest broker” to facilitate the harmonisation of standards among market participants and the interaction of the industry with other public authorities.
Reflecting such developments in final demand and continued progress in inventory adjustment, industrial production has stopped decreasing. In addition, corporate and consumer sentiment has seen an improvement due to the effects of measures taken to restore the stability of Japan’s financial system and the continued monetary easing by the Bank.