The Chinese economy has been generally picking up since autumn 2012, as the government’s expansionary fiscal measures centered primarily on infrastructure investment and monetary easing measures have been producing positive effects.
Last week we began to initiate, in a gradual fashion, the unwinding from some of these exceptional measures. We are helped by the fact that all our exceptional measures were designed with eventual phasing-out in mind. 2. The case for macro-prudential supervision in the EU  Let me now move to the core topic of my lecture today.