In the area of financial supervision, the focus should be on detecting developments in the financial sector that might lead to a systemic crisis. An important lesson of the last international financial crisis is that international cooperation and policy coordination are crucial to maintain financial stability. Hence, these issues are currently being addressed on a global and regional level.
Our Monetary Policy Statement is our most recent analysis of the economic implications for the New Zealand economy. On behalf of the Committee, we are sorry that New Zealanders are being buffeted by significant shocks and inflation is above target.