New Zealand champions coordination of monetary and macro-prudential policy

Grant Spencer says loan-to-value speed limits have reduced inflationary pressures


Reserve Bank of New Zealand (RBNZ) deputy governor Grant Spencer believes "there is a case" for coordinating monetary and macro-prudential policy "in certain circumstances and with certain policy tools".

Spencer told an audience in Hong Kong that if central banks can "retain clear primary objectives" for both monetary and macro-prudential policy – price stability and financial system stability respectively – they can be used in coordination.

He explained that because monetary policy can

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