Along with the thematic review, deep-dive analyses of commercial real estate exposures and future targeted inspections, the exercise contributes to the ongoing dialogue between supervisory authorities and intermediaries to strengthen their capacity to manage this new type of risk.
There is a very strong economic rationale for central bank independence, because independence gives monetary policy and bank regulation more credibility with the private sector, which in turn improves incentives for the private sector to act in ways which are consistent with low inflation and financial stability.