The decision on whether and how to activate policy measures should be based on a structured process of ex-ante policy evaluation. Such an ex-ante evaluation provides information about the relative performance of different instruments in contributing to reducing systemic risk. In a fourth step, and once sufficient time has elapsed, the effects of the instruments need to be assessed in an ex-post evaluation.
Only then will all these firms be playing their proper role in New Zealand’s recovery. BIS Review 156/2008  3