Donald T Brash: An indebted people Speech by Mr Donald T Brash, Governor of the Reserve Bank of New Zealand, to the Canterbury Employers' Chamber of Commerce, Canterbury, 25 January 2002. *  *  *  Mr Chairman, ladies and gentlemen I am delighted to be here again for my ninth annual address to the Canterbury Employers' Chamber of Commerce.
Last year I spoke to this audience about what goes on "behind the scenes" in formulating monetary policy at the Reserve Bank, and over the years I have addressed a wide range of topics. In 1998, I talked about New Zealand's balance of payments deficit and its relevance to policy-makers.