4  BIS Review 34//2005  •  And more and more often, these blind spots are related to systemic players. Owing to the lack of transparency, the overall risk allocation in the international financial system and the potential for disturbances have become harder to gauge. Possible systemic risk has become harder to spot.
The positive side of this risk is that it would accelerate New Zealand’s much discussed rebalancing, reducing the current account deficit, improving competitiveness, reducing  BIS central bankers’ speeches  5  exchange rate pressure, relieving pressure on funding markets, and reducing our external vulnerability generally.