In particular, I want to underscore the need to enhance data quality, harmonize regulatory and reporting practices, and building adequate capacity among the Regulators. This requires moving swiftly to develop SMART – Standardized, Measurable, Actionable, Reliable and Transparent Regulatory and Supervisory Frameworks – surveillance supervisory approaches, and assessment tools.
Financial stability is a responsibility that it shares with other role-players and it is well placed to take a leading role. To pursue the maintenance of financially stable conditions and contain systemic risk, the Bank continually assesses the stability and efficiency of the key components of the financial system and formulates and reviews policies for intervention and crisis resolution.