Dr Oliver Hartwich: When central banks get the blame for doing their job

Australians watching the economic drama unfold across the Tasman might find the plot familiar: An economy shrinks far faster than anyone forecast. Manufacturing slumps. As the gloom deepens, the blame game begins.

Yet what is happening in New Zealand is more than the usual grumbling. It is an extraordinary pile-on. A powerful and highly unusual coalition has formed with a single, unified demand for the Reserve Bank: deep cuts, now.