Thus, the balance-sheet repair in the United States might take some more time. It is sometimes pointed out that one of the differences between the two bubbles is the sector in which excess debt accumulated: the corporate sector in the case of Japan and the household sector in the case of the United States.
We have not only reformed supervisory structures and the way in which national supervisors work with one another, we have also formulated a number of new rules which will make certain lines of business more expensive and render banks more resilient.