In this context, let me refer to four relevant developments:   Firstly, we adapted our internal structure by reorganising the supervisory function into three more focused departments – concerned, respectively, with behavioural supervision, prudential supervision and legal enforcement.
At present, however, the prices of assets in U.S. financial markets do not appear to be clearly out of line with the outlook for the economy and business prospects as well as the level of risk-free interest rates. Most bond spreads and equity premiums are still appreciably higher than a few years ago and comparable to their levels in past recessions.