This makes judging the balance between aggregate demand and supply in the economy an even greater challenge than usual for monetary policy.
•  First, I will explain why the Central Bank should be the prudential regulator for credit unions in Trinidad and Tobago;  •  Second, I wish to highlight the key principles underlying the proposed credit union regulatory regime, and the fundamental differences between the Co-operative Societies Acts and the Draft Credit Union Bill; and  •  Finally, I will address some lingering concerns of the national credit union movement.