*  *  *  Introduction It is my pleasure to have the opportunity to speak at the joint luncheon of the Swiss Chamber of Commerce and Industry in Japan, the American Chamber of Commerce in Japan, and the European Business Council in Japan – one of the events to commemorate the 150th anniversary of diplomatic relations between Switzerland and Japan.
Since the 2008 global financial crisis, the economies of the United States and Europe have been sluggish and have yet to see a full-fledged recovery. Against this backdrop, the inflation rate in the euro area has been low and there are concerns that the euro area may face protracted disinflation.