Further work will be done as part of the Review to further clarify New Zealand’s current relative position. Basel Committee developments Over the past few years the Basel Committee has finalised aspects of the Basel III Capital Framework. The most recent reforms addressed aspects of the measurement of risk-weighted 3/9  BIS central bankers' speeches  exposures.
•  Exports expected to pick up although imports remain strong: trade deficit remains a concern. •  Monetary conditions conducive for growth but will remain tight. •  Inflation is high – downside risks remain high. •  Foreign reserves stable but need to manage carefully.