Grant Spencer: The impact of the global financial crisis on financial policy Summary of remarks by Mr Grant Spencer, Deputy Governor of the Reserve Bank of New Zealand, at the Symposium on Financial Sector Governance, Auckland, 20 September 2010. *  *  *  In this presentation, I would like to discuss New Zealand’s financial policy response to the Global Financial Crisis.
My focus here will be on permanent changes to policy following the crisis rather than the initial short term “emergency” responses. I will cover financial policies overseen by the Reserve Bank, namely monetary policy, liquidity management and the prudential supervision of banks and non-banks. Monetary policy In New Zealand, monetary policy focuses on the maintenance of price stability.