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Copeland backs calls for a currency union
Media statement
For immediate release
Tuesday, 5
December 2006
Copeland backs calls for a currency union
United Future finance spokesperson Gordon Copeland today signalled his party’s support to explore a currency union with Australia.
“The costs and benefits of such a union need to be carefully evaluated whilst preserving two distinct currencies i.e. notes and coins with a pegged relationship.
“This work should examine the potential for the currency union to create greater price certainty for New Zealand businesses exporting to Australia, thus mitigating the effects of exchange rate adjustments.
“This could mean transferring responsibility for monetary policy jointly to the Reserve Banks of Australia and New Zealand but that too has the potential to deliver positive benefits for the New Zealand economy.
“Currency unions of this kind are now relatively common within, for example, the European Union or even within the United Kingdom where England and Scotland have separate notes and coins," said Mr Copeland.
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