New Zealand was, along with Canada, a pioneer of inflation targeting; and  •  a history of governments, of varying political persuasions, which have maintained a general commitment to market-opening, liberalising policies over the past generation, including financial liberalisation. The two countries also share the same major banking groups, with the large four Australian banks having New Zealand subsidiaries and branches.
Well, of course, if it keeps doing that, then the central bank FX reserves fall, confidence in the currency will fall, and we will have all sorts of problems that we have had historically. By the way, I started too soon. I should greet all my friends. [PCCI President] George Barcelon.