At this juncture, I would like to convey, on behalf of the PBC CPC Committee, New Year’s Greetings to all the staff members of the PBC system and sincere gratitude to those who are still on their duty positions on the New Year Holiday and their family members. In 2014, we continued our endeavor on the road of reform and innovation.
Macrofinancial stability is equally essential to a well-functioning economy, and central banks are in a unique position to promote it through the development of macroprudential policy, especially in the area of reducing the procyclicality of financial markets. While much work remains to be done, there is a growing appreciation of the importance of this issue.