6  BIS central bankers’ speeches  III. Toward a sustainable growth path with price stability  I will talk next about the structural problems facing the Japanese economy. As I have explained, the economy has been showing signs of a moderate recovery but is still experiencing deflation because the growth momentum remains weak.
New legislative initiatives at the Community level should be kept to a minimum and only introduced if strictly necessary. In this respect, the implementation of the Lamfalussy framework represents a unique opportunity to achieve a consistent regulatory and supervisory framework for financial services. Indeed, the experience so far gained with the implementation of the framework in the securities field is broadly positive.