Similarly, the body or bodies in charge of micro-prudential supervision have the advantage of being able to suit their action to the relevant macro-economic context. The many shocks which the world financial markets have suffered in recent years are sufficient demonstration that financial stability cannot be regarded as an established fact.
All in all, the general outlook for the global economy is brightening. In addition, hopes are growing that the North Korean nuclear issue can be peacefully resolved as, prompted by the holding of multilateral talks, all the countries involved have stepped up their efforts to bring this about.