Additionally, the central banks must have sufficient funds to adequately fulfill their statutory tasks in the ESCB. ECB and Eurosystem independence was sometimes criticized, especially at the beginning of EMU. The ECB was decried as too powerful, as undemocratic, as devoid of adequate transparency and accountability. I, for one, do not share this opinion.
As many of you are aware, the New Zealand dollar is not far above its lowest level ever against the United States dollar, and remains at a very low level also against the Japanese yen and sterling.