Central Bank Governors satisfied with monetary framework

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Auckland, May 17, 2017

The Reserve Bank of New Zealand hosted the 22nd annual Executives’ Meeting of East and Asia-Pacific (EMEAP) central banks in Auckland yesterday.

EMEAP is a co-operative forum of eleven central banks and monetary authorities in the East Asia and Pacific region comprising the Reserve Bank of Australia, the People’s Bank of China, the Hong Kong Monetary Authority, Bank Indonesia, the Bank of Japan, the Bank of Korea, Bank Negara Malaysia, the Reserve Bank of New Zealand, Bangko Sentral ng Pilipinas, the Monetary Authority of Singapore and the Bank of Thailand.

Global factors impact

Governor Graeme Wheeler, who chaired the meeting, said governors exchanged views about recent global economic and policy developments.

Discussion focused on the potential impact of global factors on EMEAP monetary policy, as well as recent supply-side developments in EMEAP economies. Governors welcomed the improving prospects for regional growth and noted that EMEAP financial markets have generally functioned well over the past year. Governors emphasised that communication among authorities in the EMEAP region and other parts of the world is especially important at a time when global uncertainty is heightened.

It is the second time the meeting of EMEAP Governors has been held in New Zealand, and follows a meeting of EMEAP Deputies in Auckland in April.

Following is a Press Note issued at the end of the Meeting:

The 22nd EMEAP1 Governors’ Meeting was held in Auckland, New Zealand on May 15.

The Governors exchanged views about recent global economic and policy developments.

They emphasised that communication among authorities in the EMEAP region and other parts of the world is especially important. Governors remain committed to using EMEAP meetings to share information and foster cooperation.

Banking supervision discussed

The Governors noted the report of the 52nd EMEAP Deputies’ Meeting held in Auckland in April 2017. They welcomed the progress made on a range of EMEAP projects focusing on banking supervision, financial markets, payment and settlement systems and information technology.

The Governors also discussed updates from the Monetary and Financial Stability Committee (MFSC) on its surveillance, research activities and regional crisis management framework. They discussed the benefits and potential challenges posed by new financial technology and agreed that EMEAP Committees and Working Groups should continue to closely monitor its development.

The Governors accepted the offer of Bangko Sentral ng Pilipinas to host the 23rd EMEAP Governors’ Meeting in 2018.

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Photo Caption:

Graeme Wheeler

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