Cullen Must Reaffirm Governor's Independence

Thursday 22 Aug 2002

ACT Finance spokesman Rodney Hide today called on Finance Minister Michael Cullen to take the opportunity of the appointment of a new Governor of the Reserve Bank to reaffirm the Governor's independence both in law and in practice.

"Michael Cullen took the opportunity of the election campaign to attack Don Brash's performance as Governor and to push for a loosening of monetary policy, contrary to his own independent review's findings.

"Mr Cullen could begin by assuring New Zealanders that he played no formal or informal role Dr Alan Bollard's appointment.

"He could then conclude his involvement in monetary policy by admitting his electioneering comments weren't helpful and that he won't be loosening the policy targets in the agreement he will be signing with the new Governor.

"As usual, the best that Michael Cullen can do is to butt out," concluded Rodney Hide.

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