Graeme Wheeler appointed RBNZ governor
"Shame for Spencer - very competent man. Snub yet again to the bank's own staff and the development of them."
Featured commentFormer World Bank executive Graeme Wheeler has been appointed new governor and chief executive of the Reserve Bank.
Finance Minister Bill English today said he would take his post after Alan Bollard’s second five-year term expires on September 25.
Mr Wheeler will be governor-designate until a new policy targets agreement is finalised in the next few months. This is required before a new governor is appointed.
“Mr Wheeler’s extensive experience makes him a highly respected figure in world financial markets and within New Zealand,” Mr English says. “We were fortunate to have someone of his calibre available for this important role.”
From 1997 to 2010, Mr Wheeler was employed by the World Bank. His most recent roles there included managing director operations (2006-10), and vice-president and treasurer (2001-06).
Previously, he was at the New Zealand Treasury as deputy secretary and treasurer of the Debt Management Office.
Mr Wheeler, a New Zealander, lives in the United States and runs his own advisory business.
As required under the Reserve Bank Act 1989, the Reserve Bank board of directors recommended Mr Wheeler’s appointment to Mr English, after an extensive recruitment process domestically and internationally.
“Given his experience and standing, combined with his technical and leadership qualities, the board considered that he has all the qualities required to become governor and chief executive of the Reserve Bank,” Mr English says.
He does not envisage any major changes to the policy targets agreement.
“I consider that the current PTA has served New Zealand well and there are benefits in maintaining consistency in the PTA.
“However, the global financial crisis has focused some attention on monetary policy frameworks, and I want to ensure that the PTA continues to reflect best international practice.”
Mr English also paid tribute to Dr Bollard for his leadership at the Reserve Bank over the past 10 years.
“He helped steer the New Zealand financial system through the biggest global crisis in several generations.
"At the same time, he ensured that this country continued to enjoy one of the most stable inflation environments in the world.”
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Comments and questions14
Shame for Spencer - very competent man. Snub yet again to the bank's own staff and the development of them.
Sad yes, but there can be real advantages to bringing in outside blood.
Although there seems to be a lot of support for the present "monetarism" policy. There should be regular analysis as to its effectiveness.
What I would like to see is an inflation comparison for the twenty years "pre Dr Brash" with twenty years "post Dr Brash". That would be interesting. Will it happen? Bet your house it will not.
Thank you Sir Alan Bollard, you have done a good job and kept the economy/inflation intact.
Don't you mean, "thank you Mr Bollard for carrying on the great NZRB policy of penalising the productive whenever the Gov. increased the non productive and inflation"?
Isn't it a pity that the peeps (NZRB) are tasked with targeting inflation when they don't know what inflation is, or the causes of it.
Bill? if you want someone to hunt pigs, you surely should choose someone who knows what a pig looks like. No?
this makes perfect conspiracy theory material, we committed 4 BILLION to the IMF two weeks ago without hardly mentioning it to the public and now we have a new Reserve Bank Chairman from the IMF , should anyone be slightly concerned ?
Nod11
Agree fully with you Nod11. Why is this not making breaking news in our country - billions in obligations and it's kept out of the media. Makes the bailouts of finance companies pale into insignificance.
Wake up people
Anyone know about the World Bank and what it does? Do some research and you will see exactly what kind of a business it is. Graeme Wheeler as MD of that business for years is implicit in its destruction of the poorest countries and ratcheting up 3rd world debt and increasing poverty to the level it is today so he and his fellow investors got very rich.
These countries will never be able to pay off the debt they are in and all the while corporations are allowed access to their natural resources at low prices as part of the loan deals set up by the world bank. So these countries get poorer and poorer while the companies get very rich off the interest and privatisation of their resources. Its so sad that the media neglects this and allows someone like wheeler to get hold of our purse-strings!
There is truth in what you say, but you're preaching to the wrong crowd in these forums.
May God help New Zealand.
DOH!! He already has!
National won the last election, didn't you notice?
Let us hope that this Governor sees the glass as half full rather than half empty as was the case with his predecessor.
There is much that the reserve bank can do to stimulate our economy,e.g.
put in place policies that encourage savings so that we can at long last start to build some domestic investment capital as a base for getting the economy moving again.
He will also need to re-establish the bank's independence from political influence.
liberte
New Zealanders are already paying off debt , and investing less in houses and the muliple of jobs that flow on .... yes , savings are the oredr of the day ! we were liberated , not sure where we are heading
All part of globalisation. The NZ government had no choice in appointing wheeler, this direction would have come from the World Bank. Very interesting documentary on youtube John Pilger certainly makes you think, certainly worth a watch.
Bill may have enjoyed the "stable inflation environment" but for us who had our wages and savings debased by two thirds the word enjoy doesn't come to mind.