timely engagement of the authorities to promote effective and efficient coordination in
policy-making and crisis management
•
appropriate check and balance and due consideration of overall economy and financial
stability
•
capitalization on synergy among authorities and harmonization of regulations across
sectors through cross-directorships with appropriate arrangement to safeguard operational
independence. This model should support policy harmonization better than a consulting forum.
53. The FIPC’s institutional credibility and commitment to ensure financial stability have
contributed to strategic decision-making and effectiveness of supervisory and regulatory
framework. The authorities are of the view that macroprudential policy decision should not be the
sole responsibility of the FIPC but should also involve the Monetary Policy Committee (MPC) in
order to have a holistic macroeconomic view and can deploy other policy tools to help safeguard
the overall financial stability. The mandates of MPC and FIPC are stipulated in the BoT Act, for which
the primary objective of the MPC is price stability and that of the FIPC is financial institution system
stability. Effective policy decisions could leverage on the complementarity between monetary and
macroprudential policies, while separating monetary policy and financial stability decisions could be
sub-optimal.
54. Accountability of the FIPC can be assured with various measures, including submitting
the biannual report to the cabinet through the Finance Minister as required by the BoT Act,
disseminating data to the public, and engaging with third party/independent stakeholders on
performance evaluation of the Committee. Additionally, the BoT has actively engaged with the
committees and subcommittees under national legislative body who oversee economic and financial
stability and policy issues.
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