These initiatives are aimed at overcoming the mild deflation that has lingered for 15 years in Japan.
To that end, the central banks stand ready to provide the envisaged support to the European Systemic Risk Board, just as I am sure the national supervisory authorities will be fully supportive of the European Supervisory Authorities. The smooth cooperation and exchange of information between the ESRB and the ESAs will foster the effectiveness and thus the credibility of the new framework.