The past five years have been a turbulent and challenging time for central banks and financial regulators the world over. The Reserve Bank of New Zealand (RBNZ) is no different. Indeed, full-service central banks in small, open economies such as ours have faced their own particular breed of challenges, despite rarely hitting the world headlines.
New Zealand has been fortunate in that it survived the global financial crisis rollercoaster ride comparatively well, having benefited from good commodity prices, price stability and low government debt. A healthy – and relatively straightforward – banking sector, along with sturdy business balance sheets, also helped see the country through.
