I wish to state clearly at the outset that these remarks are prompted by what we have observed internationally over the past year, not by anything at home. The Australian financial system remains in good shape, as set out in the Reserve Bank’s recent Financial Stability Review. Nothing said here should be taken as carrying any implication to the contrary.
The FOMC of the Federal Reserve System, the General Council of the ECB, the MPC of the BOE, and the Policy Board of the Bank of Japan have all adopted the committee structure, but the design and implementation of the committee structure of each of these differ, partly due to political and historical factors.