In terms of expanded regulatory responsibilities, the communication challenges to date have been more stakeholder management related (understanding the regimes’ operation and building trust in our regulatory relationship) rather than widespread public discourse. Taking on additional regulatory responsibility for insurers and non-bank-deposit takers means we are dealing with everyone from bank chief executives to building societies to small mutual insurers.
One could look at it as the QE of small open economies. A year passed, and still the inflation rate was below target and still in negative territory and we observed that the same forces were at play, and expected to continue to be due to the global economic and monetary environment and because of our own domestic conditions.