The last great pillar of Rogernomics was the Reserve Bank Act of 1989 which defined the bank's primary function as limiting inflation.
Roger Douglas had outlined the policy in his 1988 budget but at the end of the year he had been forced to resign because of tension with Prime Minister David Lange.
It was left to his successor, David Caygill, to enact this most fundamental aspect of Rogernomics.
Controlling inflation through monetary policy has remained central to the economic policies of all governments for the past 23 years even though critics suggest the Reserve Bank's targets should be broadened to include economic growth and employment.
When Reserve Bank Governor Alan Bollard retired in 2012, the Herald acknowledged the critics' point.
Economic growth and employment were more important, it said, but "inflation makes growth illusory and employment unsustainable. Low inflation is a necessary condition of economic growth and monetary control has proven it can keep inflation low".
Finance minister in 1989, David Caygill is our New Zealander of the Year for introducing a reform which has proved its worth.
From the Herald archives:
'Quiet banker knows when to raise voice', NZ Herald online, 1 February 2012
'Labour's recipe for indecision and instability', NZ Herald online, 21 September 2012
Further reading:
'Reserve Bank', Te Ara Encyclopedia of New Zealand