graeme wheeler : the introduction of macro - prudential policy speech by mr graeme wheeler, governor of the reserve bank of new zealand, to otago university, dunedin, 20 august 2013. * * * new zealand ’ s economy is now one of the most rapidly growing among the advanced economies. growth is likely to remain strong and become more broadly based over the next two years, particularly as construction activity in christchurch, auckland and elsewhere gathers momentum and provides further stimulus to the manufacturing sector. our forecasts in the june 2013monetary policy statement, which are currently being reviewed for the next statement in september, suggested that in 12 months ’ time the economy could be growing at just over a 3 percent annual rate, with the unemployment rate declining towards 5 percent and annual cpi inflation back within the 1 to 3 percent target range. these summary indicators, however, disguise the nature and complexity of the adjustments taking place in new zealand. included among them are the impact of the monetary and liquidity policies of major central banks, domestic economic policy settings, the powerful long - term global structural changes affecting our economy, and the effects of natural events such as earthquakes and drought1. just as firms and households develop strategies to adjust to these forces, the reserve bank also needs to respond to them in meeting its goals of price stability and financial stability. i will turn to two of the largest forces influencing our economy – our over - valued exchange rate and the over - valued housing market. 1. the over - valued exchange rate our exchange rate is over - valued relative to what would be sustainable long - term in the absence of sizeable increases in our terms of trade and productivity. against many of the world ’ s major currencies, the new zealand dollar is positioned in the top decile relative to its historic experience. at these levels, the exchange rate is a considerable headwind for new zealand ’ s exporters and those that compete with imports, although it has benefited purchasers of imported goods and services and contributed significantly to the current low level of inflation. our real exchange rate is about 16 percent above its 15 year average2. it is important to look at both long - standing structural and more recent cyclical factors when considering the reasons for new zealand ’ s high real exchange rate – although at any time the relative strength of these factors can change. these were referred to in a recent address delivered to the institute of directors in auckland on 30 may 2013 : forces affecting the new zealand economy and policy challenges around the exchange

niklaus blattner : system stability and security of the systems summary of a speech by prof dr niklaus blattner, vice - chairman the governing board of the swiss national bank, at the luzerner tage fur informationssicherung ( lutis, conference on information security ), lucerne, 25 may 2004. the references for the speech can be found on the swiss national bank ’ s website. * * * the stability of the banking system and the security of the financial market infrastructure - including the stock exchanges and especially payment and securities settlement systems - have become an important concern of central banks all over the world in recent years. this has notably happened against the background of the numerous financial crises witnessed during the past decades. moreover, events such as 9 / 11 have heightened awareness for the security of the financial markets and other infrastructures. in switzerland, the growing importance of system stability has also been reflected in the new national bank act, which entered into force on 1 may 2004. within the framework of its principal mandate of pursuing a monetary policy in the interests of the country as a whole while at the same time ensuring price stability, the swiss national bank ( snb ) is legally obliged to make a contribution to system stability and to facilitate and secure the operation of cashless payment systems. in implementing its mandate, the snb takes preventive measures as well as measures aimed at overcoming crises. for instance, in a crisis the national bank plays an important role in providing liquidity. with the new act, the snb specifically bears the responsibility of overseeing the systemically important payment and securities settlement systems. the operators of such systems will in future have to meet certain minimum requirements, which will also include requirements with regard to information security. secure and reliable information and communications structures are an essential precondition for the smooth functioning of the financial system. in the context of its mandate, the snb limits itself to systems - relevant aspects in these areas. systems - irrelevant problems concerning individual banks or payment systems, by contrast, are explicitly not a part of its mandate. this is based on the conviction that the problems in the financial system must be solved by the market itself whenever possible.