glenn stevens : monetary policy and the regions address by mr glenn stevens, governor of the reserve bank of australia, to the foodbowl unlimited forum business luncheon, shepparton, 20 september 2010. * * * thank you for the invitation to come to shepparton. no one knew, when the invitation was issued almost a year ago, that you would be battling floodwaters just a couple of weeks prior to today. it is good to see the recovery already well advanced. in the global economy, recovery from the effects of a different kind of deluge – a man - made one – has been under way for a while. progress has been quite varied, however, and the outlook is uncertain just now. i will give an update on those matters today. it also seems a fitting occasion to talk about “ monetary policy and the regions ”, since a question we are often asked is how we take account of differing economic conditions across the country in the setting of monetary policy. i will offer some perspectives on the issues that arise when we have one policy instrument for a fairly diverse economy. the essential message here is that such diversity matters, but is often not as pronounced as people assume, because all the parts of the economy are ultimately connected. things that affect one sector tend to have spillover effects elsewhere. furthermore, economies have a certain capacity to adjust to differing conditions. in australia this works reasonably well. current economic conditions the global economy continues to present a mixed picture. in the asian region, most countries have well and truly recovered from a downturn that occurred in late 2008 and the first few months of 2009. the main exception is japan. in the bulk of cases, economies are much closer to their potential output paths now than they were a year ago and policies are moving to less expansionary settings. as a result, over the year ahead the growth in the asian region is unlikely to be as rapid as over the year to mid 2010, when the “ v - shaped ” recovery was in full swing. similar comments could probably be made about latin america. in europe, the german economy has been powering ahead this year, reaping the benefits of many years of attention to containing costs and building productivity. but other continental economies are not as strong, and some are in the grip of a very painful adjustment to a world of constricted private credit and limits to budgetary flexibility. in the united states an expansion has been under way for some time, but seems lately to

first g20 finance ministers and central bank governors meeting session ii 26 february 2021 session ii press conference remarks by governor visco good afternoon, today we had a very productive session on financial stability and financial inclusion. all delegates provided valuable contributions to the discussion and expressed broad support for the italian g20 presidency ’ s priorities in these areas. we had a more in - depth discussion on the lessons learned during the pandemic from a financial stability perspective. this is the first initiative of the work programme agreed with the financial stability board for 2021. we focused on the main areas that will be covered in its assessment, namely financial institutions ’ use of capital and liquidity buffers, the impact of pro - cyclicality on financial and prudential standards, and the functioning of operational resilience arrangements and crisis management frameworks under the strain of the pandemic. with the pandemic still ongoing, we acknowledge that any assessment of lessons learned will inevitably be preliminary and tentative. but it is important to start this work now, in order to understand whether the regulatory reforms introduced after the global financial crisis are working as intended, and whether they have contributed to enhancing the resilience of the session ii - first g20 fmcbg meeting page 2 of 5 banking sector under the first major test presented by the pandemic. the analysis will help to identify policy issues of international relevance and assess whether some adjustments to the existing framework may be necessary. the initial findings will be discussed by finance ministers and central bank governors ( fmcbg ) in july and the final report will be delivered to the g20 summit in october. the italian presidency ’ s finance agenda for 2021 includes a number of other key priorities, among which an initiative to strengthen the resilience of nonbank financial intermediaries and work to implement the g20 roadmap on enhancing cross - border payments. these issues were not discussed today. we will provide you with more detailed information on these items as they are taken up in future g20 fmcbg meetings. today we also focused on financial inclusion. the outbreak of the covid - 19 pandemic appears to have disproportionately affected the most vulnerable individuals and firms across the globe, with many of them experiencing severe losses of income and proving unable to withstand the financial distress because of low or inexistent liquid reserves. we shared the need to analyse and address the gaps that emerged during the crisis, also in relation session ii - first g20