Private Privatenonresidential nonresidentialinvestment investment(SNA, (SNA,nominal) nominal) Tankan Tankan(planned (plannedinvestment investmentinincurrent currentfiscal fiscalyear yearasasofofthe theJune Junesurvey surveyofofeach eachyear) year)  15 10 5 0 -5 -10 -15 -20 FY 06  07  08  09  10  11  12  13  14  15  16  17  18  19  20  21  Note: The Tankan figures include software and R&D investments and exclude land purchasing expenses.
This error has been progressively rectified since 2010 with the creation of the European Stability Mechanism (ESM) and the banking union, the strengthening of economic governance and, in terms of monetary policy, the OMT programme, which allows the ECB to repurchase public debt if needed and has just been validated by the Advocate General of the European Court of Justice.