Scoop has an Ethical Paywall
Licence needed for work use Learn More

Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 

Monetary Policy In Review 2017-2022

The Reserve Bank’s review of its monetary policy decisions for the period 2017-2022 was published today, including reports from two independent international experts.

Reserve Bank chairman Professor Neil Quigley says the report is robust, identifying what went well and where there are lessons for the future. “In publicly holding ourselves to account in this review we’re continuing in our tradition of learning as an institution. I would like to thank our international peer reviewers, who also provided a critical and independent assessment to ensure our lessons are robust.”

RBNZ Governor Adrian Orr says “the period reviewed was uniquely challenging, with the global economy responding to globalisation and more lately fragmentation, technological change, declining global interest rates, plus the COVID-19 pandemic and war in Ukraine.

“I am extremely proud of the dedication the team at Te Pūtea Matua displayed, and the outcomes achieved. There is much for us to learn from the conduct of monetary policy during this period, and the review identifies nine areas of focus for improvement, which the Reserve Bank is progressing.”

The review finds that monetary policy decisions were consistent with the data available at the time. The easing in monetary policy during the COVID-19 pandemic was warranted and worst-case economic scenarios were avoided.

Reserve Bank Chief Economist Paul Conway says “the current heightened level of inflation could have been lessened at the margin by an earlier tightening in monetary policy in 2021. However, while we are facing some serious economic challenges, the New Zealand economy has weathered the economic storm created by pandemic and war relatively well. Inflation and unemployment are both low compared to the vast majority of OECD countries.”

More information:

  • Read full report
  • Peer review documents
  • Livestream briefing at 1pm
Advertisement - scroll to continue reading

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 
 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured News Channels


 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.