The “2 per cent” goal, while subject to uncertainty and based on numerous assumptions and so on, nonetheless will hopefully force us all to confront the right set of questions.
A decade ago, during the course of 1989, the New Zealand Parliament devoted considerable time and intellectual energy to the consideration of the Reserve Bank of New Zealand Bill, later to become the Reserve Bank of New Zealand Act 1989. That Act completely re-wrote the RBNZ’s charter.