There are many reasons for this. New Zealand short-term interest rates have been lower than those in several other English-speaking countries, providing little inducement to foreigners to invest in New Zealand dollar assets. The commodity prices of greatest relevance to New Zealand seem to be recovering rather more slowly than do some other commodity prices.
[31]Europe already exerts global leadership in the regulatory domain. The obligation for  companies to respect EU standards when exporting products to the Single Market, combined with the size of this market, means that the EU tends to influence standards elsewhere – the so16 / 18  BIS central bankers' speeches  called Brussels effect.