It is the period of the “great moderation” (section III), which began in the early 1990s and now seems have come to an end with the recent increase in macroeconomic volatility. This episode has another set of interesting lessons to teach us.
Interaction with the Fitness and Probity (F&P) Regime The F&P Regime and the IAF can be thought of as two aspects of one overall framework of sound governance and accountability – with the F&P Regime being about suitability of individuals and the IAF about their clear responsibilities and ongoing conduct. For reasons of clarity, familiarity and convenience, they can continue to be considered separately.