is timely to review our policy frameworks and the role we play in wider society to ensure we remain fit for purpose. over the past year, we have embarked on several review and public consultation processes. these processes – some of which are still underway – have spanned our monetary and financial policy frameworks, as well as the role of physical currency. we are not alone in conducting such reviews. our counterparts in sweden ( riksbank ) and norway ( norges bank ) recently have, or currently are, undertaking reviews of their monetary policy frameworks and legislation. 10 11 the us federal reserve has initiated a review of 8 historically, central banking objectives have evolved with the wider political economy concerns faced by countries. see smith, c, o. aziz ( 2019 ), monetary policy objectives, reserve bank of new zealand bulletin, vol. 82, no. 2 ( forthcoming ). paul tucker argues that “ [ a ] central bank regime for all seasons cannot be designed without a good fiscal constitution existing too. setting boundaries to the authority of central banking needs to factor in what is on the other side of the border ”, the governance of monetary & financial stability policy, banking perspective, quarter 2 2018 ( http : / / paultucker. me / the - governance - of - monetary - and - financialstability - policy / ) the riksbank ’ s monetary policy was reviewed by marvin goodfriend and martin king over 2010 – 2015 and a report published in 2016. the review was commissioned by the committee on finance of the riksdag and made several recommendations. following this review the riksbank executive board has made several changes to its framework in may 2017, the rationale for these changes are further explained in a memorandum produced by the executive board, and in the riksbank economic review. in addition, a parliamentary review of the riksbank act has been initiated. the recommendations from the riksbank act review are due no later than 31 may 2019. the norges bank has had two reviews which have translated into changes in the norges bank act, and the regulation on monetary policy. the gjedrem review was an external review conducted by the norwegian law commission and chaired by a previous governor sevin gjedrem. refit ( review of flexible inflation targeting ) was an internal review over 2013 to 2017 and explored possible improvements to the monetary policy framework in norway. see : https : / / www. norgesbank. no / en / about / research

the health and conduct of the sector. the reserve bank ’ s insurance agenda for the coming year ( or years ) is thus very full. we are committed to openly communicating our development priorities to insurers and the wider public, so that individuals and firms have the opportunity and ability to be an active participant in the policy development. https : / / www. rbnz. govt. nz / news / 2019 / 01 / fma - and - rbnz - report - on - life - insurer - conduct - and - culture ref # 8609867 v1. 2 page 7 of 7 what we ask of you, is that you engage openly and early with us, and that you heed the lessons of the banking and life insurer conduct and culture reviews. we look forward to working with the industry and other interested parties as we embark upon this next phase of our insurance supervision development. thank you for your time today, and in the near - future. ref # 8609867 v1. 2