Riksbank - their RBNZ equivalent - is really big on this thing called transparency.
There's three things to know - this is stuff they do that we don't, currently.
1. They rank amongst best performing on openness and honesty in the world.
2. They publish an actual forward forecast for the OCR - we don't.
3. They publish alternative scenarios and minutes. In the minutes, you get to see which of these guys voted which way and their justifications for dong so.
Currently, we don't even get to know which way the committee members voted, let alone why. And remember, the Fed in the US and the Bank of England do - as does Riksbank.
So here's hoping the Swede in charge will help shake things up and that changes will be made and sunlight will be shone.
A new dawn, perhaps, for 2 The Terrace, after a dark and cloudy rollercoaster ride of terror under Adrian Orr.
Her name is Anna Breman and her CV reads as you'd expect - current 2IC of Riksbank in her home country. And she's held academic jobs and been the Chief Economist at a retail bank.
She's moving here with the family. Which is nice - but I don't know how NZ First will feel about us importing another migrant for a Kiwi job.
The reality is, most of the heavy lifting will - hopefully - have been done by the time she sits down for her first briefing on December 1st.
We've got two more reviews under Hawkesby in October and November. Then he's gone. Not just from the top job, but the bank entirely. And then they shut up shop for Christmas till February.
Let's hope as she enjoys what I'm sure will be a welcome sunny Kiwi summer, she brings a bit of that sunshine - the best disinfectant in town - to 2, The Terrace.
Ryan Bridge is a New Zealand broadcaster who has worked on many current affairs television and radio shows. He currently hosts Newstalk ZB's Early Edition - where this article was sourced.
8 comments:
Incomparably stronger applications on every level to Breman's - from academic qualifications to extraordinary domestic & high level international work experience - were received by several incredible Kiwi economists for the position of RBNZ Governor but rejected by the Board and Willis. They preferred a complete unknown who went to Arizona Uni on "tenure track" - but appears not to have got tenure. They preferred the political 'optics' of this appointment. Doesn't even matter anymore. Telling all my students to go overseas / Australia since they will never get the top jobs in NZ regardless of their efforts and abilities. Its political "optics" and jobs for chums that Nat / Labour governments care about now. I know Luxon and Willis' inner circle of "advisers". So sad. So pathetic. Its bye bye NZ.
It is worrying that Bremman's first public appearance focused on her gender and willingness to learn Maori, not on: NZs inflation, it's causes, and how NZs low productivity / high cost of living economy can be fixed...
Here is a clue: Kent Duston from the Banking Reform Coalition said a fair risk-return on shareholders’ capital invested in ANZ, Westpac, ASB and BNZ would be 5.5%.
“They are typically making between 11% and 12%, so they are twice as profitable as they should be,”
Thankfully, Kent didn't mention his gender, because frankly we don't care.
Willis' similarities to Ardern are becoming more apperant and more worrying.
Come on Mr Luxon, it's time for a Cabinet reshuffle, before your popularity is dragged down further by a dishonest and dim finance minister.
A 2011 WEF young global leader? Well they work out well for we the people don't they Ryan.
RBNZ can only be described as a laughing stock, as couldn't even control their own costs, with the petulant and mightily incompetent Orr having to throw his toys before finding his way to the door. Good riddance, but should have happened years ago. Large staff numbers there are a worry though, as one can only guess what they actually do on a daily basis - likely nothing good such as 'progressing' CBDC together with the obsolescence of cash. Maybe less competence is more in such case?
Sadly, Bremman is a climate change alarmist.
In Conversation with Mrs. Anna Breman Deputy Governor, Sveriges Riksbank (April, 2021)
https://www.ngfs.net/system/files/import/ngfs/medias/documents/icw_-_sveriges_riksbank_-_final.pdf
A key attribute for woke appointments.
This is a DEI appointment, and most likely won’t end well.
Hopefully she will undertake to learn te reo and thereby gain a better inderstanding of the associated major obstacle to economic progress in NZ. She will gain a good grasp of make work GDP.
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