Audrey Young is the New Zealand Herald’s political editor.

Greens ditch quantitative easing policy

Digital image / P.K. Stowers
Digital image / P.K. Stowers

The Green Party has abandoned its policy of quantitative easing - otherwise known as printing money - after almost a year of punishing backlash from political opponents.

Co-leader Russel Norman is due to formally announce the policy retreat later this morning.

The policy was announced in October last year as a way of bringing down the New Zealand dollar and replenishing the depleted Earthquake Commission fund.

It is a policy being followed by major economies such as the United States, Britain and Japan. But the Green policy has been derided as a "snake-oil solution" and a move that could undermine the savings of New Zealanders.

It has also allowed the Government to link the policy derisively with any Labour-led Government, and Labour finance spokesman David Parker recently called it "unhelpful."

- NZ Herald

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