Macro-prudential policies have become more prevalent since the GFC because that experience highlighted the massive financial and economic damage that can result from macro-financial shocks. BIS central bankers’ speeches  3  A macro-prudential framework for New Zealand has been developed over the past year or so.
The Reserve Bank has communicated the framework through a range of speeches, consultation documents and reports (see for example Spencer (2012), RBNZ (2013a), RBNZ (2013b)). A Memorandum of Understanding has been signed between the Reserve Bank and the Minister of Finance which sets out the key objectives, instruments and responsibilities under the new framework.