Building confidence and reducing risks in the insurance sector A speech delivered at the Insurance Council of New Zealand Conference On 5 November 2019, Auckland, New Zealand By Adrian Orr, Governor  Ref #8609867 v1.2  Page 2 of 7  “You never know these days.
Indeed, empirical studies carried out by the Bundesbank staff have confirmed that current account adjustments take longer in a monetary union than in fixed exchange rate regimes. One could say that the common monetary policy acts as an anti-lock braking system (ABS). It prevents the funding of external deficits from coming to a screeching halt.