I explained earlier that a central bank takes policy action to ensure sustainable price stability in the medium to long term. Such action, however, may not be popular in the short term. What then justifies such action by a central bank? My answer is that accurate research and analysis by a central bank form the basis for the policy decision.
Overall, MAC has served as a useful forum to share experiences on topical bank supervision and regulation issues and forge a common way forward. Indeed harmony has been achieved in key regulatory issues such as operational independence of central banks, publication/disclosure of financial statements by commercial banks and business continuity management. We continue to share supervisory policies and procedures through joint arrangements.