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"Every political party needs to clearly state where it stands on the mounting calls for improvements to the methodology used for the operation of Reserve Bank monetary policy, so voters can make an informed choice at the forthcoming general election", says industrialist and venture capitalist, Phil Verry, the executive chairman of EROS Capital Ltd and Red Stag Timber Ltd, which operates Waipa Mill, Rotorua, New Zealand's largest sawmill.
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Now that a Free Trade Agreement (FTA) with China looks to be in the bag - although the details are not yet known - the next priority FTA the New Zealand government needs to negotiate is with the Reserve Bank of New Zealand.
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Now that a Free Trade Agreement (FTA) with China looks to be in the bag - although the details are not yet known - the next priority FTA the New Zealand government needs to negotiate is with the Reserve Bank of New Zealand, because the Reserve Bank is a far greater handicap to New Zealand exporters than are the trade barriers of any other country. In effect, by persistent over-valuation of the NZ dollar, the Reserve Bank taxes NZ exporters and subsidises imports. This irrational situation has to be changed.
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The big issue facing New Zealand is the wedge that has opened between our economic performance and the economic performance of once comparable nations, especially Australia, which is set to widen next year.
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The proponents for the adoption of new methodology for the operation of Reserve Bank monetary policy, by the introduction of the 'Interest Linked Savings Scheme' (ILSS), are calling upon all political parties to not play narrow party politics with the issue and to instead seek multi-party accord that prioritises the national interest.
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Phil Verry, Executive Chairman of EROS Capital Ltd, presented the 'Interest Linked Savings Scheme' (ILSS) submission to the select committee together others on Wednesday, 10 October 2007.
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"The failure of the present methodology used by the Reserve Bank for the operation of monetary policy is unquestionably the most pressing and important issue facing the New Zealand economy" says the executive chairman of EROS Capital Ltd and Red Stag Timber Ltd, Phil Verry, in his 116 page submission to the Finance and Expenditure Committee.
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The executive chairman of EROS Capital Ltd and Red Stag Timber Ltd, which operates Waipa Mill, New Zealand's largest sawmill and timber processing plant, Phil Verry, announced today that he will be making a personal submission to the Finance & Expenditure Committee of parliament, which will shortly review the operation of Reserve Bank monetary policy.
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The delegation representing the group that is advocating the implementation of the "Interest Linked Savings Scheme" (ILSS) solution, to provide the New Zealand Reserve Bank with more rational instruments for the operation of monetary policy, will appear before the Finance and Expenditure Committee of parliament on Wednesday, 10 October 2007.
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