The mutualisation of risk would not go hand in hand with the necessary mutualisation of control rights – irrespective of the Single Supervisory Mechanism that was put in place. The second way of restoring the balance between liability and control, meanwhile, would be to strengthen the Maastricht approach based on individual responsibility.
In this situation, overseas economies have been decelerating somewhat, mainly in emerging economies, although they have continued to grow at a moderate pace. As for the outlook, however, the pace of growth in overseas economies is expected to accelerate moderately as the positive effects of the recovery in advanced economies gradually spread to emerging economies.