I will say a little about progress on the Banking Union files: CRD IV Agreement on CRD IV (when it is confirmed) will mean that Europe can fulfil the requirements of Basel III and its G20 commitments to greatly strengthen the prudential requirements for banks, and improve governance and remuneration practices.
While the United States substantially increased its amount of fund provision after the Lehman shock, Japan conducted such aggressive fundprovisioning at an earlier stage given that it experienced a financial crisis at an earlier stage. This may explain why the Bank’s active efforts may not be so noticeable.