Possible candidates included macro-prudential policy and tax measures, such as a capital gains tax or a mortgage interest levy (Treasury and RBNZ (2006)). With hindsight, the use of another policy instrument would have been helpful during this period, to assist in slowing domestic demand and inflation pressure, with less of the work having to be done by the OCR and the exchange rate.
The study has explored among other things the current preparedness for a Monetary Union, institutional frameworks and structure for an EAMU, design of a protocol on the EAMU to be negotiated by partner states, and proposals for monitoring and enforcing macroeconomic convergence in the region.   Ladies and Gentlemen, all these integration endeavours will create employment opportunities.