We are also consulting with relevant stakeholders on the implementation of any tools, to ensure our toolkit is best suited for the job in New Zealand. I am pleased with the collaboration we have received from the financial industry and look forward to our ongoing work. We are very aware of the challenges that we face, which are not new.
When the turmoil started in summer 2007 and central banks worldwide stepped in to provide additional liquidity to financial markets, it appeared that conventional measures could still do the job. Although markets were not operating normally, far from it, tensions in the euro area interbank market were considerably eased by supplementary longer-term refinancing operations.