The reform process triggered by the recent financial crisis is gradually making progress. Advances are underway in the area of banking regulation, accounting standards, and market infrastructure (e.g. clearing houses for derivatives, etc.). A new framework for macroprudential policy is also...

Communication has become an integral part of the strategy of modern central banks. Over the past two decades central banks have generally become more transparent in communicating their objectives, explaining their strategy for setting the policy rate, providing their views regarding the economic...