Triggering a virtuous cycle of sound monetary, fiscal and financial policies therefore seems like the surest and fastest way to resolve the conundrum the euro area faces right now. 2  Korte, J, and S Steffen (2014), “Zero Risk Contagion – Banks’ Sovereign Exposure and Sovereign Risk Spillovers”, Working Paper.
11  Overcoming Deflation: Japan's Experience and Challenges Ahead Speech at the 2019 Michel Camdessus Central Banking Lecture, International Monetary Fund  July 22, 2019 Haruhiko Kuroda Governor of the Bank of Japan  Introduction I. Chronic Deflation, and Quantitative and Qualitative Monetary Easing (QQE) II. Lessons Learned from Japan's Experience and Challenges Ahead Conclusion  Chart 1  I.