As our September FOMC meeting followed Hurricane Katrina by approximately three weeks and was held concurrently with the formation of Hurricane Rita, I felt that there was insufficient information as well as great uncertainty about how these forces would play out in the near term. As a result, I voted to pause in the removal of policy accommodation until more was known.
17 In extreme synthesis, the Turner Review attributes to the central bank the main responsibility for conducting the risk analysis, but when it comes to the policy implications, three models are considered: •  In Model 1, the central bank identifies systemic risks and makes recommendations to the authority in charge of micro-prudential supervision, which sets out the main actions to be taken to address these risks.