In this context, as guardian of the financial system, the central bank is called upon by society to bear the responsibility for macroprudential regulation and policy, and to carry out the related tasks of analysis and examination. In this context, as I have previously noted, the most vital and difficult mission now confronting us is the efficient management of systemic risk.
And for this purpose I see it necessary to operate more advanced forms of regulatory surveillance and macrofinancial stability policy, to secure a more diverse range of policy instruments for ensuring soundness, and to further strengthen both international cooperation and market discipline. The recent debate in the G20 and the BIS on developing and introducing macroprudential policy instruments has now also been reinvigorated.