I want this House to cast its mind back—those of us who can—to the 1970s and early 1980s, and the spectre of rampant inflation; absolutely rampant inflation. It was the bogeyman of the age. Not only did we have rampant inflation in our economy here in New Zealand and elsewhere in the world but we had here in New Zealand, in particular in the early 1980s, a Prime Minister who was also the Minister of Finance at the time, had very direct control of the economy, and some extraordinary things like a wage and price freeze imposed overnight, and so on. It was a very different time, and there was a real need for reform. A real need for the sort of the reform that would give our institutions much more independence. That is the background that the Reserve Bank Act that we have had up until now was born out of. It did actually come into being much earlier, but there was substantial reform in the late 1980s.