The headlines crossed a little while ago, but Bloomberg is now carrying the story of RBNZ Wheeler’s announcement of the formation a committee of its governors to debate policy ahead of decisions on regulation, the NZD and interest rates.
“The Governing Committee will maximize the knowledge and experience of the Governors individually and, as a collective, rigorously test ideas and build consensus around major policy decisions,” Wheeler said in a speech in Auckland today. “The Governor remains solely accountable for those decisions under the Reserve Bank Act.”
- At present the RBNZ Governor makes the decision on interest rates after taking advice from a committee of officials who don’t vote and whose minutes aren’t published.
- The Reserve Bank will also expand its communications program to include more on-the-record speeche
- Will use a wider range of speakers and communication channels
