To indulge a small historical diversion, it’s interesting to look back at the 1931 report of Sir Otto Niemeyer, the Bank of England official brought to New Zealand to advise on the formation of a central bank. His report led directly to the establishment of the Reserve Bank of New Zealand.
Borrowing wording from the statutes of the Bank of Estonia, Niemeyer proposed “stability of the value of its notes as the primary duty of the Bank,” and required it “to exercise control over monetary circulation and credit towards that end.”3 That, argued Niemeyer, was simply the standard specification for a central bank at that time.