There remain powerful conflicting forces at work, so we can expect that difficult issues for judgment will remain with us for some time. These are issues with which the RBA Board has to grapple. At its meeting this week, the Board reached the view that, for the time being, policy settings should remain unchanged.
However, further research on the institutional arrangements of macroprudential policy would be welcome to help us understand how different policy frameworks perform in macroprudential policy, and whether and how the current structures could be developed. On strengthening the European economy and financial stability Let me conclude by sharing some thoughts on the strengthening of the European economy and financial stability.