Originally Posted by
Aaron
You are right the RBNZ is not independent of govt, but the govt does not manage the day to day running of the RBNZ that would be Adrian as CEO and the RBNZ Board (jobs for the boys(insiders)) you would assume.
Per the Reserve Bank Act.
(d)
the role of the Minister to oversee and manage the Crown’s interests in, and relationship with, the Bank; and
(e)
a board to act as the governing body of the Bank; and
(f)
a Governor of the Bank to be its chief executive and a member of the board; and
(g)
a monetary policy committee (the MPC) to perform the function of formulating monetary policy.
It would be like blaming the shareholders for how a company is being run by the CEO and his/her board of directors.