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Independent review of the operation of monetary policy in New Zealand

In May 2000, the Government announced that the New Zealand monetary policy framework would be reviewed. Professor Lars Svensson of Stockholm University was appointed to undertake the review and to report by the end of February 2001. Professor Svensson’s report was released by the Treasurer/Minister of Finance on 28 February. In this issue of the Bulletin, we have published the Executive Summary and recommendations of the Svensson Report, together with the terms of reference of the review. The complete report by Professor Svensson can be obtained from the New Zealand Treasury and can be accessed on - the monetary policy review website, and on - the Reserve Bank of New Zealand’s website. As can be seen from the press statements issued by the Treasurer/Minister of Finance (reprinted in this Bulletin), the Government will be giving consideration to the recommendations made by Professor Svensson, with a view to announcing decisions before the end of May.