meets with the central banks of the other 18 countries that use the euro – and where jointly decisions are made. 1 / 5 bis - central bankers'speeches also together with the ecb, and with supervisors from the other countries of the eurozone, we supervise the banks. take, for example, the teams that supervise the largest dutch banks, such as abn amro, ing or rabobank. these are very international teams. so if you would visit our temporary offices next to the amstel station in amsterdam, where we await our return to the frederiksplein, you will just as easily hear dutch as english, and even french or italian or other european languages. but that's only amsterdam. if you come to work for us, it is very likely that before long you will head to frankfurt, where the ecb has its offices. or to any other european financial capital – to work, for example, on how to regulate bitcoin, or on how to keep payment systems safe from cybercrime. or you could even be stationed at a major european bank for several months as member of an onsite supervisory team. for an organization that was founded more than 200 years ago, that's pretty dynamic. and we have to be. because the financial sector is dynamic. take, for example, the area where i am mainly responsible for : banking supervision. these are exciting times for banking. and this has everything to do with digitalization. let's take for example all the new players in the market. even as short as 5 years ago, we all paid with our bank - issued debit or credit cards. companies who wanted to take out a loan went to their bank or intermediary. now, we pay with our smart phones using apple pay and google pay, or on web shops using innovative payment service providers. and companies who sell their goods on market places like bol. com or amazon can obtain credit through those platforms. moreover, banks are increasingly moving their ict processes into the cloud, cooperating with large bigtech cloud providers like amazon, microsoft or google cloud. so new players are coming into the financial sector and becoming increasingly important. these players are often tech players, be they bigtechs or fintechs. we are also seeing a change in business models. we see a move toward platforms that are a sort of one - stop - shop for consumers, providing them with all kinds of services, financial but also non

s import quantity were to decrease further, this would be cause for concern regarding the outlook for japan's production and exports. chart 10 correlation of economic activity between china and japan inauguration introduction consumption expansion introduction of introduction of of the second of qqe tax hike of qqe qqe with a negative qqe with yield abe cabinet apr. 2013 apr. 2014 oct. 2014 interest rate curve control dec. 2012 jan. 2016 sep. 2016 s. a., cy 2012 = 100 [UNK] [UNK] industrial production ( japan ) [UNK] [UNK] import quantity ( china ) [UNK] [UNK] real gdp ( china ) [UNK] [UNK] 19 real exports ( japan ) sources : ministry of economy, trade and industry, " indices of industrial production " ; bank of japan, " developments in real exports and real imports " ; national bureau of statistics of china, " national accounts " ; haver analytics. if the risks i explained earlier were to materialize, i think it would be necessary to implement additional monetary easing without delay through quantitative, qualitative, and interest rate policy measures. meanwhile, until last year, there had been debate on financial imbalances and a potential bubble. however, because stock prices have dropped substantially since then, it would be rather unreasonable to argue that there are financial imbalances in the stock market now. iii. the bank's monetary easing policy and the profitability of private banks while qqe has led to the long - term, structural, and short - term improvements in the economy that i have described, it also has been argued that a prolonged period of monetary easing has undermined the profitability of financial institutions. i would like to explain my views on this. 13 first of all, since bold monetary easing has produced favorable results for japan's economy as a whole, i feel that it is a bit curious that the same cannot be said about financial institutions. chart 11 shows nominal gdp of the financial and insurance industry ( hereafter, financial industry ) and the manufacturing industry, as well as overall nominal gdp of japan and the united states. the chart shows that, whereas in the united states, the financial industry's gdp has been growing along with the growth in overall nominal gdp, in japan, the financial industry's gdp has been particularly stagnant amid the sluggishness of nominal gdp overall. next, let us look at how nominal gdp has recovered since 2009, the trough following the outbreak of the global financial crisis in september 2008. following