Adrian Orr: Monetary policy - same objectives different challenges

Speech by Mr Adrian Orr, Governor of the Reserve Bank of New Zealand, to the Victoria University of Wellington School of Government, Wellington, 2 September 2020.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Introduction

Tēnā koutou katoa, welcome everybody.

Today I want to outline how the Reserve Bank of New Zealand - Te Pūtea Matua - is working to maximise the effectiveness of its actions in the face of the global COVID-19 pandemic.

While we all hope the health implications of the virus will be as short-lived as possible, it is clear that the economic implications will be severe and long-lasting. It is during such unsettling times that public confidence in our financial system matters most.

I want to assure people that the goals of the Bank remain the same, as set in legislation. Our purpose is to ensure public confidence in the financial system, and to minimise the economic vulnerability of New Zealand through a sound and dynamic monetary and financial system.

I also want to assure people that the Bank's core values - integrity, innovation, and inclusion - remain our bedrock and continue to assist greatly in managing ongoing changing economic times. To succeed we continue to exercise sound judgement and work collaboratively to be most effective. And, consistent with our value of innovation, the Bank's activities, capability, and capacity continue to evolve with the circumstances.