For example, the economy has responded well to the growing importance of East and South Asia in international trade and investment, and in recent years has withstood shocks such as the GFC, the Christchurch earthquakes, drought, and the shifting global demand for our dairy products and other commodities.
v)  Monetary policy independence requires a high level of accountability and transparency  The widespread move towards inflation targeting around the world has been accompanied by reforms to increase central bank independence. To counterbalance their greater independence, central banks faced stronger demands for transparency and accountability – to government, markets, and the public in general – over their policy performance.