But evidence from the past, here and elsewhere, suggests foreign currency intervention is unlikely to have a sustained impact in lowering the exchange rate.7 This is because daily foreign currency transactions in New Zealand dollars swamp any practical intervention capacity, averaging around $ billion per day with more than 80 percent of the transactions taking place offshore.
There are several reasons to prefer decisionmaking by committee: For one thing, each committee member brings to the table his or her own perspective or view of the world, as well as valuable information that others on the committee haven’t heard. Moreover, committees are less likely to take extreme positions – discussion, deliberation, and voting tends to drive policy outcomes toward compromise.