In the right-hand chart, figures are the import values of mineral fuels. The ratio to nominal GDP for 2022/Q2 is obtained by using the nominal GDP for 2022/Q1. Sources: Cabinet Office; Haver; Japan Center for Economic Research; Atlanta Fed; European Commission; Ministry of Finance. 8  Chart 9  III.
A key consequence of this last point is that the industry and regulators have to ensure that institutions are resilient to short-run shocks but are able to adjust to longer-run secular trends with adequate consideration for both competition and financial system stability. With these three papers providing a sound foundation, where to now?