Europe is taking measures to establish the single supervisory mechanism, but I think an important issue to discuss today is the timetable and sequencing for the other essential elements of banking union.
As a result, accommodative financial conditions have been realized in Japan, as seen in, for example, the fact that long-term interest rates since the 2000s had generally been at a low level of around 1-2 percent and that the rates during the one year before Quantitative and Qualitative Monetary Easing (QQE) began in 2013 were around 0.8 percent on average.