*  *  *  It has long been a tradition that Reserve Bank Governors begin their year with a speech to the Canterbury Employers’ Chamber of Commerce and because the economy of Christchurch is focussed on exporting the topics picked have often been of particular interest to the tradable sector.
Given current concerns about the exchange rate, you may have expected a talk on that subject. However, I want to talk about something else - a topic which may seem more esoteric, but in particular circumstances can be very important. Indeed, it is a topic that has been of considerable relevance to New Zealand from time to time over the years.