9 Other possible avenues to explore include the potential for wider access to platforms that promote forms of “all to all” trading less dependent on dealers and, relatedly, greater use of central clearing in Treasury cash markets.10 These measures involve complex tradeoffs and merit thoughtful analysis in advancing the important goal of ensuring Treasury market resilience.
The balance of payments is under control despite global shifts. External liquidity is secure. We benefit from prudent fiscal management with the National Government deficit at a manageable level of 2.1 percent of GDP and a relatively low debt-to-GDP ratio of 42.1 percent as of end 2016.