RBA's Lowe: Need to focus on balance sheets as well as credit growth

Reserve Bank of Australia Deputy Governor Philip Lowe, his introductory remarks at a conference discussing global financial cycles and systemic risk

• A strengthening of supervision is at least as important as are the post-crisis regulatory reforms
• Rigorous, inquiring supervision that takes a holistic view of the environment is essential to maintaining financial stability and good outcomes for consumers
• There are still considerable challenges in developing recovery and resolution plans for the largest global financial institutions
• "We need to move beyond a focus on credit only. In my view, it is probably more useful to start with the question: are balance sheets in the economy being strengthened or weakened?"

(Quick Headlines via Bloomberg)

If you've managed to stay awake during that lot, well done. As a bonus, here is the full text:

Remarks by Philip Lowe, Deputy Governor, to the Asian Development Bank - Institute of Global Finance International Conference

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Yes, Phil Lowe is still the deputy governor. He takes over as top dog after Glenn Stevens retires on September 12