However, Japan did not face a banking crisis, and  2  4  In a speech I delivered in Italy in January 2013, I touched on the pros and cons of a cut in the IOER and suggested the positive impact of such a cut on correcting the yen’s excessive appreciation. However, after QQE, those arguments no longer apply.
Meanwhile, an important conclusion that can be drawn from the international rankings concerns innovation, supported by investment in human capital. Factors related to human capital can be divided into the ability to attract talent, the determination to maintain and enrich it, and the capacity to disseminate knowledge. So it is not hard to see where Greece’s main problems lie.