Treasurer Bill English questioned today whether
Labour leader Helen Clark was at odds with her finance
spokesman over economic issues.
"Yesterday Helen Clark
said that Labour would change the Reserve Banks' Policy
Targets Agreement (PTA) with the aim of keeping the exchange
rate competitive, without being clear about exactly how
Labour would do this.
"Today Dr Cullen has had to step
in and make it clear that Labour would not set an
exchange rate target for the Bank.
"This suggests that
Ms Clark may be at odds with Dr Cullen over Labour's
economic policy.
"Having two objectives for monetary
policy does not work and I am sure this is the advice
that Dr Cullen has given his leader today. This apparent
difference of opinion amongst Labour's leadership will
undermine confidence in the party's economic policy,"
said Mr English.
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