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Reserve Bank Appointment Welcomed

22 August 2002

Reserve Bank Appointment Welcomed

Business NZ Chief Executive Simon Carlaw has welcomed the appointment of Treasury Secretary Alan Bollard as Reserve Bank Governor.

"They are big shoes to fill, and I am confident of Dr Bollard's ability to do the job well.

"The business community will look with interest to see what modifications are made to the Policy Targets Agreement.

"Business NZ is of the view that the agreement must be amended to include an explicit medium term focus, as recommended by Professor Lars Svensson's Independent Review of the Operation of Monetary Policy. No other changes are necessary or appropriate at this time.

"It is also to be hoped that Dr Bollard's good work at the Treasury will be continued by his successor," Mr Carlaw said.

Ends


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