Conflicting calls on Bollard's best action

Opinions are divided on tomorrow's decision. [Clockwise, from top left:] John Armstrong, Michael Cullen, Fran O'Sullivan, Brian Fallow.

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Business commentators are divided on what action Reserve Bank governor Alan Bollard should take tomorrow morning when he announces whether the Official Cash Rate (OCR) will be lifted, stay the same, or, as one columnist today suggests, reduced.

Prime Minister Helen Clark and Finance minister Michael Cullen have also waded into the debate over the past week, with murmurings of possible government intervention under Section 12 of the Reserve Bank Act.

The kiwi dollar is clearly extraordinarily high, and causing potentially fatal pain to exporters who are facing diminishing returns.

But is it too high purely because of the weak US dollar? Or have our hefty interest rates attracted overseas focus from investors like the ubiquitous "Japanese housewife"?

Here's a roadmap to the varying opinions out there on this contentious economic issue:

Herald writer Fran O'Sullivan's open letter to Alan Bollard.


Michael Barnett calls for courage to do 'the unexpected'


Herald economics editor Brian Fallow calls for calm heads at this pivotal time


Michael Cullen's extraordinary threat of intervention in monetary policy


Columnist John Armstrong wonders whether Cullen has gone too far this time