The banks in many of these countries are net borrowers in global markets, New Zealand and Australia being two examples. Recent events have highlighted some risks and vulnerability that institutions and regulators need to ensure are properly managed. We always used to talk about these risks but they have come into sharper focus.
In what appears to be nearly a paradox, regulatory failure has remained in the background overshadowed by the concentration of policy making bodies in financial stability. Financial stability concerns have had an impact on the management of both macro and micro policies regarding financial stability for a long time now. Uruguay can give examples of that matter.