our intended policy approach, which we publish. for example, we have consulted in recent years on the prudential liquidity framework, basel iii, the macro - prudential policy framework, insurance solvency standards and payments oversight proposals. our act requires us to consult with the banks before we impose conditions of registration, and also requires us to publish regulatory impact assessments of proposed ( financial ) policy changes. the act identifies these as accountability statements. the public ( and financial sector ) are engaged in decisions about our policy framework before they are made, and we can and do modify our approach in response to feedback. how do we compare? the bank puts considerable communication effort into promoting understanding, and accepting the ensuing challenge and debate. this year we have given 17 on - the - record speeches ( including this one ), up from eight last year ; 90 off - the - record addresses ( c. f. 93 in 2012 ) ; on top of many other forms of communication, from our formal quarterly monetary policy statements and six - weekly official cash rate ( ocr ) announcements to research reports, webcasts, videos, newspaper articles, parliamentary committees, academic engagement, business talks and regional presentations. we make analysis and research accessible to wider audiences through such vehicles as the reserve bank bulletin, and publish specific analytical pieces of work underpinning our decision - making via analytical notes. quarterly monetary policy statements set out our analysis and understanding of the economy and its expected future path, as well as the risks of variation from that path. other commentators may make different judgements and come to different views about likely economic behaviours, but we would be disappointed if they were not able to understand the reasoning behind our own monetary policy decisions. we have been communicating with increasingly wide audiences via expanding channels ; yet demand for more engagement continues to grow. the news media and political appetite are extensive8. however, we require substantial disclosure of information by the institutions themselves. while we have no long - term time series for comparison, media references to the reserve bank have been running at over 1000 per month during the introduction of lvrs, compared with 500 – 700 earlier in the year when the open bank resolution initiative was being discussed. bis central bankers ’ speeches table 1 compares new zealand against a number of other countries on a range of measures of ( monetary policy ) information disclosure. there is much similarity in practice, with a few notable differences. new zealand, along with sweden and norway, is in the small minority of central banks

occur. if you want to know more, i encourage you to look up these speeches on our website. but my focus today is on some of the other changes currently under consideration as part of the review, how they will affect the way the reserve bank operates in the future, and how i want to take advantage of them to create a more transparent and far - sighted reserve bank. bascand g, ( 2019 ) ‘ renewing the rbnz's approach to financial stability ’, speech delivered to 15th financial markets law conference in auckland, 26 june, https : / / www. rbnz. govt. nz / research - andpublications / speeches / 2019 / speech2019 - 06 - 26 bascand g, ( 2019 )'macroprudential policy : past, present and future ', speech delivered to 54th university of otago foreign policy school, dunedin, 30 june, https : / / www. rbnz. govt. nz / research - andpublications / speeches / 2019 / speech2019 - 06 - 30 ref # 8108464 v6. 6 the different views from tane mahuta we use the maori legend of tane mahuta to tell the story of the reserve bank. tane mahuta – the god of the forest and birds – separated the earth mother ( papatuanuku ) and the sky father ( ranginui ) so that the sun could shine in and life could flourish. thereafter, tane mahuta served as the kaitiaki ( guardian ) of the forest ecosystem – protecting it against threats, and enhancing the wellbeing of everyone within it. the legend helps tell the story of the reserve bank – founded 85 years ago to give new zealand the flexibility and benefits of its own currency, monetary policy and financial system. since then the reserve bank has had the responsibility to act as one of the guardians of the system. it is also a legend about growth. to retain our legitimacy as new zealand ’ s central bank we have to evolve along with the economy, the financial system and society. this means working closely with stakeholders. it means an ongoing conversation with new zealanders, speaking in terms that we all recognise, quite literally in some cases. we are developing our te ao maori strategy in recognition of the increasingly important and diverse maori economy. but it is not only an inward looking view. we take an international view as well. we are placing greater focus on new zealand ’