This article has been republished. It was first published in November 2020.A politely worded letter from the Finance Minister this week put the ball firmly in the Reserve Bank’s court to rewrite its mandate or face political intervention.The RBNZ governor, Adrian Orr, did not take up the offer. He has chosen, at least for now, to ignore the fact that Grant Robertson is beginning to set out a significant and much-needed change to the role of the central bank in the economy. Whether now or in the future, the RBNZ’s role will...
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