A consistent theme of this blog over the 3.5 years since the Monetary Policy Committee was established has been the severe inadequacies in the way the MPC was designed, and in the way it has been staffed. Last Tuesday, Stuff journalist Tom Pullar-Strecker had an article that reported on a variety of similar concerns, informed by extensive comments from former Reserve Bank chief economist John McDermott. A particular focus was on the role of the non-executive members (“the externals”).
At the press conference for the Monetary Policy Statement asked the Governor about the externals, and if he didn’t get far (the awkward questions at that press conference were mostly left completely unaddressed), he did get from Orr an observation that of course externals were free to talk, subject to (his interpretation of) the MPC Charter provisions (agreed by Orr and the Minister) under which for the first 24 hours after…
View original post 2,114 more words
Utopia, you are standing in it! 
Recent Comments