This paper discusses instruments and operating procedures of the conduct of monetary policy in the major industrial countries. The exchange rate mechanism of the European Monetary System (EMS) provides clear evidence of the role of exchange rates in influencing monetary policy; the commitment of...

This paper provides a detailed assessment of observance of the Committee on Payments and Market Infrastructures-International Organization of Securities Commissions principles for financial market infrastructures (FMIs). Major achievements have been made to establish safe and efficient payments...

The main objective of this technical note is to analyze the supervision and systemic risk management of financial market infrastructures (FMIs) in the United Kingdom. It focuses on the supervision of FMIs, including the regulatory framework, supervisory practices, available resources,...

This paper presents an assessment of the stability of the financial system in New Zealand. Imbalances in the housing market, banks' concentrated exposures to the dairy sector, and their high reliance on wholesale offshore funding are the key macro-financial vulnerabilities. The banking sector...

This Technical Note presents an assessment of Regulation, Supervision and Systemic Risk Monitoring in New Zealand. The overall regulatory framework for asset management is well developed, but would benefit from some enhancements to prevent the buildup of risks. The provision of custody services...

This Technical Note assesses the macroprudential institutional framework and policies in New Zealand. New Zealand has a strong institutional framework for macroprudential policy. This framework is based on a clear mandate for financial stability operationally clarified by a memorandum of...

This paper presents an assessment of the Observance of Insurance Core Principles in New Zealand. Observance of these principles in New Zealand falls significantly short. In some areas, the implementation of initiatives that would improve observance is incomplete. Supervisory risk assessment and...