I will touch on three policy views that have recently been expressed in the New Zealand context. 1. The view that flexible inflation targeting is not an appropriate framework for conducting monetary policy  The Bank’s position is that flexible inflation targeting remains the most appropriate monetary policy framework for conducting monetary policy in New Zealand.
9 Provided that sufficient flexibility is allowed to accommodate the frequent and often severe impact of external shocks, the most important contribution monetary policy can make to promoting efficiency and the longrun growth of incomes, output and employment is the pursuit of price stability.