While New Zealand’s bank-dominated financial system stood up well during the crisis and does not require the extensive overhaul required in some countries, we have continued to develop our prudential policies with the aim of improving the resilience of individual institutions and the financial system as a whole.
In banking, the successful operation of the Single Supervisory Mechanism (SSM) has proven its value in fostering the development of a unified approach to banking supervision. Of course, EU regulation and supervision takes place within a broader global context, with an important role for global coordination of regulation through institutions such as the Basel Committee for Banking Supervision, the Financial Stability Board and IOSCO.