In particular, this is with respect to monetary and exchange rate policies, financial stability, banking sector regulation, currency  management, payments infrastructure and the management of foreign exchange reserves. The successive theme topics contribute to national economic policy analysis and evaluation and, hence, the requisite response and transformation needed to sustain the desired level of inclusive and diversified growth of the economy.
This does not all fall in the ambit of central bank responsibility. Nonetheless, central banks play a key role in pursuing macroeconomic stability. If central banks successfully pursue price stability, that is low inflation, they will be making a fundamental contribution to macroeconomic stability, which is a prerequisite for monetary union. 6  BIS Review 45/2004  8.