New Delhi, Oct 22 (IANS): A high level central banks' panel has suggested that the key financial institutions need to rebalance their policy mix, rebuild policy buffers and develop safe macro-financial stability frameworks (MFSFs) for the future.

As of September 2023, the ACC comprised the Governors of the central banks and monetary authorities of Australia, China, Hong Kong SAR, India, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand and Vietnam.

At the request of the ACC Governors during their September 2022 meeting, the BIS Representative Office for Asia and the Pacific set up a Working Group on “Inflation, external financial conditions and macro-financial stability frameworks in Asia-Pacific”.

The group commenced in November 2022, with a mandate of examining ACC economies’ policy frameworks during the stressed period of 2022, particularly the joint use of monetary, macroprudential, exchange rate and capital flow management policies.

The Working Group comprised of officials from the central banks and monetary authorities of ACC economies.

This was the second ACC Working Group. The first one was established in June 2019 and published its report in November 2020.