He told the University of Auckland Business School that transparent and open communication about the bank's policy decisions was important.

Wheeler said global financial markets were still dealing with major regulatory changes and the adjustments taking place in government, corporate, financial sector and household balance sheets.

“The spill-overs from these adjustments, and the fiscal and monetary responses to them, can be especially challenging in small open economies with stronger growth prospects, and where there are high expectations of what central banks can achieve.”

He said it was important that people understood how the Reserve Bank made decisions, and why.

Communicating policy decisions was important, he said, and the Reserve Bank would soon offer more on-the-record speeches, and use a wider range of speakers to help the public understand the choices and tools available to it.

It will also look to use social media, in-house videos and webcasts to increase its communication. Wheeler said it would also continue to offer off-the-record briefings to groups of up to 400 people. "But we will be more selective in the 80 to 100 briefings we provide each year."

Wheeler said that to be effective, monetary policy requires transparency in terms of policy goals and how these are to be achieved.

“Within the Bank we are looking to the team of Governors to debate major policy matters leading to decisions, and increasing the frequency and scope of our on-the-record reporting.”