BIS central bankers’ speeches  5  This regulatory framework based on the principle of liability – the Maastricht framework – was the starting point for the creation of the monetary union in 1999. In its first decade, it proved to be a stable structure. However, with hindsight, this also turned out to be a period of fine weather in economic terms.
BIS central bankers’ speeches  9  Concluding remarks In the past four years, New Zealand’s population has grown by a quarter of a million people, with over half that number coming from overseas. The migration surge has contributed to housing and consumer demand but had less impact on inflation than in previous migration cycles.