Again, history is littered with examples of financial crises that have caused widespread damage to the broader economy and society. The Global Financial Crisis (GFC) is still fresh in the mind. ____________  3 See Orr, A. (2006). Towards a framework for promoting financial stability in New Zealand.
Speech delivered to the Institution of Professional Engineers New Zealand, available at: rbnz.govt.nz/hub/publications/speech/2006/speech2006-03-22  2  Our Transformation as a Prudential Regulator  UNCLASSIFIED  Ref #X798971 v1.2  UNCLASSIFIED  The History of Te Pūtea Matua’s Role in Prudential Regulation and Supervision Well before their more familiar role of setting interest rates to achieve price stability, central banks globally have been tasked with maintaining financial stability.