Generally, it is more efficient to foster competition on the basis of common standards than to foster competition for standards. However, it has to be ensured that these common standards do not end up as being the lowest common denominator. Therefore, public authorities regard it as their responsibility to look carefully into this balance between competition and cooperation, and interfere whenever required.
But my focus today is on some of the other changes currently under consideration as part of the review, how they will affect the way the Reserve Bank operates in the future, and how I want to take advantage of them to create a more transparent and far-sighted Reserve Bank.