Does the fact that we have recently hit the zero bound suggest that earlier estimates were too small, and that such encounters are likely to be more frequent in the future? Will the efforts that are under way to reform the financial system make it more stable and reduce the chances of similar occurrences in the future?
To this end, the GFXC identified some key areas requiring attention to ensure that the Code continues to provide appropriate guidance. The AFXC was heavily involved in the review process, not least because Guy Debelle – the Deputy Governor of the RBA – has been the Chair of the GFXC for the past two years.