Supervision and regulation in the EU – merely adapted to the latest crisis or fit for the future as well? How are we to interpret our regulatory and supervisory regime against this background? Development in Basel in the recent past should be viewed as part of a bottom-up evolution of the financial stability regime.
What did the Bank of Japan do in this adjustment process? We began to ease monetary policy in July 1991, when the consumer price index still registered an increase of around 3%. In September 1995, the official discount rate dropped to 0.5%, the lowest ever recorded in the history of central banks in the world.