The Reserve Bank has also been looking into the effectiveness of some macroprudential instruments that may limit build-ups of problems in future periods of rapid credit growth. 7  7  For details see Spencer (2012) “Prudential lessons from the Global Financial Crisis”, Presentation to Financial Institutions of New Zealand 2012 Remuneration Forum, May. BIS central bankers’ speeches  7
As you know, transparency relates broadly to the openness of a central bank in stating its monetary policy decisions and explaining the reasoning behind them. I would like to make two main points: First, there is a strong rationale for a high degree of transparency in central banking; second, the world's major central banks have become quite transparent in recent years.