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Central Bank’s Role in Financial Stability |
Financial Stability Goal |
| Australia |
Shared responsibility with Australian Prudential Regulatory Authority, Australian Securities and Investments Commission and Australian Treasury. |
Financial stability role of RBA incorporated in MOU with government in 2010. |
| New Zeland |
Shared responsibility with Minister of Finance. A Memorandum of Understanding between the Governor and the Minister of Finance on macro-prudential policy. |
The RBNZ has a general purpose of "promoting the maintenance of a sound and efficient financial system" in its act. |
| England |
Full responsibility. The Bank has an explicit financial stability objective. In pursuing that objective it needs to work with other relevant bodies (for example the Financial Conduct Authority). |
Under the Act, the Government is required, on a annual basis, to specify what the economic policy of the Government is and to make recommendations to the Financial Policy Committee about matters that the Committee should regard as relevant to the Committee's understanding of the Bank's financial stability objective. |
| FED |
Shared responsibility. FSOC and different financial regulatory bodies: Comptroller of the Currency; FDIC; state banking agencies; NCUA; SEC; CFTC; FHFA; CFPB Federal Reserve has regulatory authority over any firm designated by FSOC as systemically significant. |
Dodd-Frank Wall Street Reform and, Consumer Protection Act of 2010 __ |
| Switzerland |
As an independent central bank, the Swiss National Bank is not part of a decision-making body. |
The SNB is in charge of issuing an official proposal (Antrag) to the Federal Council (Swiss government).The Swiss Financial Market Authority (FINMA) is being consulted. |
| Japan |
Shared responsibility with Financial Services Agency. |
The Bank of Japan Act (Articles 1) |
| Norway |
Shared responsibility with The Financial Supervisory Authority of Norway. |
The bank shall promote an efficient payment system domestically as well as vis a vis other countries, and monitor developments in the money, credit and foreign exchange markets. |
| ECB |
Under the Single Supervisory Mechanism (operational start in 2014) the ECB will share responsibility, but may act on its own initiative or to top up actions by national authorities. |
Contribute to safeguarding financial stability. Contribute to the smooth conduct of policies pursued by the competent authorities relating to the prudential supervision of credit institutions and the stability of the financial system. Contributes to the analysis and policies of the EuropeanSystemic Risk Board established in late 2010. Under the SSM, responsibility for the direct supervision of credit institutions and macro-prudential policy as from2014. |
