The problem has been that the techniques to assess and manage the associated risks have not kept up with the pace of product innovation. What we need is to improve those techniques. At the Bank of Japan, we will continue to closely monitor developments in global financial markets and to assess their implications for the Japanese financial system.
It has stabilised the euro area and has resulted in better financing conditions. I think there have been a number of episodes with major risks, even for strong countries like Germany, risks, which we managed to fend off. But banks, pension funds and savers are now weighed down by the low interest rates.