Our achievements to date are reasonably satisfying; let us now complement these achievements by nurturing an appropriate culture and mindset to fully enjoy the fruits of Basel II implementation. C.  Refining coordination in line with crisis resolution  Ladies and Gentlemen, Concerning crisis resolution, allow me to explain the background that led to this initiative.
New Zealand’s terms of trade began falling in the second half of 2014, but the real effective exchange rate has generally remained high reflecting New Zealand’s higher economic growth and interest rates and the positive investment climate here compared to many other advanced economies. Figure 4 shows the average real effective exchange rate and average terms of trade during the past three domestic expansions.