Farewell Dr Bollard

Alan Bollard has now pretty much finished his role as governor of the RBNZ following today’s MPS.  He, and the RBNZ, did a great job of helping to steady the NZ economy during the global financial crisis – I think there are few other people in the world who would have felt that sort of pressure before, so it really is quite incredible.  As a result, I’d definitely like to thank him for a job well done during a time that was viciously confusing and extremely important!

Bernard Hickey (*) does the same:

I hope he celebrates his last Monetary Policy Statement news conference and parliamentary select committee appearance. He deserves at least a strong cup of coffee from his favourite café, Daniel’s, next door to the bank at the bottom of the Terrace. That’s because Reserve Bank Governor Alan Bollard can retire on September 25 with his head held high.

He presided over monetary policy and New Zealand’s financial system during the most turbulent period in our economic history since late 1984, when a run on our currency forced a shock devaluation and nearly bankrupted the nation.

Alan Bollard has managed the blunt instrument of the Official Cash Rate (OCR) and the much less simple instruments of banking regulation through New Zealand’s strongest period of economic growth in 50 years and then its deepest and longest recession in 20 years.

Very good.