The global financial system has also been gradually regaining stability, thanks to, among others, the effects of injections of public capital into major U.S. and European financial institutions.
Meanwhile, the global economy deteriorated rapidly up to the spring of this year, but has been on a recovery path supported by policy responses on the fiscal and financial front as well as firms’ efforts in production adjustment. To start with, the crisis resolution is only halfway through both on the economic and financial fronts.