The best single measure of this aspect of financial stability is shown by the level of bad debts of the banking sector. As you can see from Graph 3, these have fallen from their peak of 6 per cent in 1992 to less than 1 per cent at present. This is about as low as they can realistically be expected to go.
Graph 3  Banks’ Impaired Assets Share of total assets  %  %  6  6  5  5  4  4  3  3  2  2  1  1  0  BIS Review 58/1999  1990  1992  1994  1996  4  1998  0  Structural Policies Turning to structural policies, I would like to start by showing a graph of productivity.