Benoît Cœuré: Restoring confidence in the euro area Remarks by Mr Benoît Cœuré, Member of the Executive Board of the European Central Bank, at the Festival dell’Economia, Trento, 1 June 2012.
So yes, monetary policy does have an impact on the exchange rate, but that in turn has much less impact on exporters’ net incomes than on gross incomes, and has been of very much less significance to land-based exporters than the fluctuations in international commodity prices and the long-term decline in the real prices of many of the commodities which New Zealand exports.