▁Bank ▁of ▁New ▁Zealand ▁established ▁a ▁new ▁model ▁of ▁the ▁relationship ▁between ▁government ▁and ▁central ▁bank ▁– ▁not ▁totally ▁independent , ▁like ▁the ▁Bundes bank ▁in ▁Germany , ▁and ▁not ▁domin ated ▁by ▁government , ▁as ▁was ▁typical ▁of ▁most ▁central ▁banks ▁at ▁the ▁time , ▁but ▁one ▁where ▁government ▁and ▁central ▁bank ▁agreed ▁in ▁public ▁about ▁the ▁infl ation ▁rate ▁to ▁be ▁delivered ▁by ▁the ▁central ▁bank , ▁where ▁the ▁central ▁bank ▁had ▁full ▁independence ▁to ▁run ▁mon et ary ▁policy ▁to ▁deliver ▁that , ▁and ▁where ▁the ▁central ▁bank ' s ▁governor ▁was ▁held ▁account able ▁for ▁the ▁infl ation ▁outcome . ▁It ▁was ▁the ▁Reserve ▁Bank ▁Act ▁ 1 9 8 9 ▁which ▁established ▁this ▁contract ual ▁relationship ▁( based ▁on ▁price ▁stability ▁targets ) ▁between ▁the ▁Bank ▁and ▁the ▁Government , ▁rather ▁than ▁giving ▁direct ▁control ▁to ▁Minister s ▁of ▁Fin ance . ▁ ▁Ch anges ▁took ▁place ▁in ▁the ▁currency ▁used ▁in ▁New ▁Zealand ▁during ▁Br ash ' s ▁ten ure , ▁not ably ▁the ▁introduction ▁of ▁polym er ▁bank notes , ▁and ▁the ▁replacement ▁of ▁Queen ▁Elizabeth ' s ▁face ▁on ▁most ▁of ▁the ▁bank notes . ▁, ▁many ▁bank notes ▁in ▁circul ation ▁still ▁carry ▁the ▁signature ▁of ▁Br ash ▁from ▁his ▁term ▁as ▁governor . ▁ ▁There ▁is ▁a ▁range ▁of ▁opinion ▁on ▁Br ash ' s ▁performance ▁as ▁Reserve ▁Bank ▁governor . ▁The ▁New ▁Zealand ▁Association ▁of ▁Econom ists ▁describe ▁Br ash ' s ▁success ▁in ▁establish ing ▁an ▁independent ▁central ▁bank ▁with ▁an