More than a year ago, Mr Peters said reform of the Reserve Bank was becoming even more urgent as central banks around the world aggressively eased monetary policy.
But Mr Peters' angst with the Reserve Bank goes back much further than 2017.
He said last year there was an undeclared finance war going on as countries devalued their currencies to keep their export sectors competitive.
``Japan, Switzerland and Denmark have even gone into negative interest rates, yet in New Zealand the Reserve Bank is handicapped with an out-of-date Act.
``New Zealand First is renewing its call for an overhaul of the Reserve Bank Act,'' he said on March 31 last year.
Finance Minister Steven Joyce has organised the Treasury to provide an oversight on the Reserve Bank and yesterday, Labour finance spokesman Grant Robertson joined the fray.
Mr Robertson said a commitment to full employment, and a more transparent process to provide market certainty, were the hallmarks of Labour's proposals for a new approach to monetary policy.
Since the Reserve Bank Act came in 28 years ago, there had been a massive change in the way the global economy operated.
``It is time to review our approach to monetary policy and ensure it is meeting New Zealand's needs in the 21st century.''
Labour was proposing more transparency to the decision-making process and governance of the Reserve Bank, and to broaden the scope of its focus to include both controlling inflation and achieving full employment, he said.
Labour was fully committed to low inflation and would seek to continue the central bank's current inflation target of 1% to 3%.
Labour would add the goal of full employment to the Reserve Bank's mandate to bring it into line with other countries such as Australia and the United States, Mr Robertson said.
The Reserve Bank is already poised for change with governor Graeme Wheeler leaving his post before the election on September 23. Deputy governor Grant Spencer will assume a role of acting governor but will also leave the central bank when a new governor is appointed in March next year.
By then, a new Policy Targets Agreement (PTA) will have been formulated for the new governor's consideration.
BNZ senior economist Craig Ebert said there would be some potentially interesting changes at, and for, the Reserve Bank in the next 12 months.
None of them was likely to cause the Reserve Bank to act much different to what it would do under the status quo.
``One thing not to change, we believe, is the commitment to inflation targeting and control.''
Already, Treasury had announced it would be conducting a review into the bank's decision-making process. Mr Joyce had stated there was no specific plan for any change, Mr Ebert said.
Many would argue ``full employment'' targets were implicit to the Reserve Bank's current operations as it attempted to massage, through interest rates, the aggregate side of the economy to be in line with supply.
But what was full employment exactly, Mr Ebert asked.
If it bore any resemblance to the Reserve Bank's Labour Utilisation Composite Index, the official cash rate should be rising.
``And as Steven Joyce mentioned today, New Zealand has one of the highest employment rates in the world at present.''
On a committee approach, the central bank would argue it already had such a thing in the governor's committee Mr Wheeler initiated, Mr Ebert said.
Having more than four Reserve Bank personnel would be unlikely to tilt the balance. Having outside members on the OCR-setting committee might make a difference, but the details would need to be seen.
Trade-offs in monetary policy were always the most important. Those involved a log of judgement, which was fine so long as central banks articulated a consistent framework.
People could then make up their own minds about whether the bank was choosing the right path or not, he said.
