This proposal allows for a pooling of supervisory expertise and knowledge, and will help to ensure that decision-making lines on monetary and supervisory policy are clearly separated. To separate day-to-day activities, the Governing Council will define internal procedures, making a clear distinction between the monetary and supervisory functions within the organisation.
As we progress further in the reform process, the main focus would be to ensure that the pace of further deregulation and liberalisation remains consistent with the progress of reform in the real and fiscal sectors.