Third, the monetary policy instruments including required reserve, central bank lending, central bank discount and open market operation have been created and improved. In order to meet the actual demands of economic and financial development, monetary policy tools such as open market short-term liquidity adjustment instruments have been launched in succession. Monetary policy macro adjustment has been strengthened.
Nout Wellink: Risk management & financial stability – Basel II & beyond Remarks by Dr Nout Wellink, President of the Netherlands Bank and Chairman of the Basel Committee on Banking Supervision, at the GARP 2007 8th Annual Risk Management Convention & Exhibition, New York, 27 February 2007.