Reserve Bank of New Zealand
Added: Jan 27, 2012
The European sovereign debt crisis and Canterbury earthquakes were two bad jolts to the New Zealand economy in 2011, but the economy and financial system have the capacity to weather such shocks, Reserve Bank Governor Alan Bollard said today.
In a speech to the Canterbury Employers’ Chamber of Commerce in Christchurch, Dr Bollard said both events had important economic implications and had created uncertainty. While a clearer picture of the future is gradually emerging, we are moving from ‘unknown unknowns’ to ‘known unknowns’, he said.
Nonetheless, the effects of both shocks could continue to rumble on for some time.