The author has been described by News Ltd as an "iconoclast", "Svengali", a pollie's "economist muse", and "pungently accurate". Fairfax says he is a "Renaissance man" and "one of Australia’s most respected analysts." Stephen Koukoulas concludes that he is "85% right", and "would make a great Opposition leader." Terry McCrann claims the author thinks "‘nuance’ is a trendy village in the south of France", but can be "scintillating" when he thinks "clearly". The ACTU reckons he’s "an enigma wrapped in a Bloomberg terminal, wrapped in some apparently well-honed abs."

Wednesday, June 22, 2011

Glenn Stevens on why Australia is a currency union

"In the end, of course, as I’ve said before, Australia is a currency union. We have one currency, one monetary policy and in the end we have to set that policy basically for the average experience of the country, knowing that quite possibly nobody is actually at average, some are stronger, some are weaker, maybe very few people are having the average experience. But we can’t set it for the leading edge or for the trailing edge, that would be the wrong thing to do. So all we can do is try to be cognisant of those differences, to work out whether they’re going to feed through international performance in some important way because if they do, that’s very relevant. But in the end, of course we have to set our policy instrument, and we only have the one, for overall  performance in order to maintain the value of money over the medium term and that’s our job."