And more recently, we also set up a Recovery and Resilience Facility to collectively and effectively tackle the economic outfall of the pandemic. So now that the EMU has proven itself to be an adaptive project, where do we go from here? This is, of course, mainly a political question.
We provide forward guidance on our expected activity, but remain flexible to incoming data. Monetary policy remains as effective as ever, and for small open economies like New Zealand, the exchange rate plays a significant additional role in competitiveness.