The Act states “The primary function of the Bank is to formulate and implement monetary policy directed to the economic objective of achieving and maintaining stability in the general level of prices.” It acknowledged that price stability was the greatest contribution monetary policy could make to New Zealand’s economic wellbeing.
After more than eight years in the monetary union, many of the feared asymmetric shocks have been realized (e.g., volatile swings in the telecom sector and significant weakening of the U.S. dollar) but the Finnish economy has performed well, both in terms of growth and price stability.