The European Commission’s action in relation to Apple in Ireland is a good example of what needs to be done to regain control of globalisation. And its plan to harmonise the corporate tax base is a move in the same direction. The planets finally seem to be aligned in a way that permits the functioning of the euro area to be reformed.
We are now in the process of increasing the amount outstanding of the Program toward 70 trillion yen and the effects of monetary easing will strengthen in a continuous manner day after day as the process continues. In retrospect, the Bank’s monetary policy stance since the Lehman shock has been changing according to the state of Japan’s economy.