Opinion: What New Zealand can learn from Singapore's monetary policy

As the exchange rate, inflation and overnight interest rate charts demonstrate they now have a stable suite of economic indicators: There is a lot we can learn here "“ identify the real problem, seek effective solutions and take some action. The solution doesn't need to be perfect, only better than what currently exists; if it works, fine, if not, try something else. Our Government announced a plan to assess its effectiveness in improving productivity on a yearly basis at the beginning of their term. This could extend to a review of the stability of our major economic indicators; clearly it can be done as demonstrated here. We really do not need to wait another year for the manifestation of yet more imbalances in our economy before we look to changing our policy framework. ____________ * John Walley is the CEO of the New Zealand Manufacturers and Exporters Association. ** This piece was written before the Labour Party announcement Thursday challenging monetary policy orthodoxy. *** Editor's note: For those wishing to find out more about Singapore's exchange rate policy, see here.