National's urging caution over changes to the Reserve Bank Act.

The Government's to begin a two-phase review, the first beginning with the appointment of an Independent Expert Advisory Panel.

Finance Minister Grant Robertson signed off terms of reference for the review yesterday.

National Party leader, Bill English said it's not clear exactly what they want to achieve - but he'd urge against radical change.

"There's aspects of it that can be changed and improved in a way that would maintain confidence and stability. They may have other ideas we have not yet heard about that may be more disruptive."

He said he just hopes Mr Robertson can see how well the economy's working right now.

"They would be misleading people if they gave the impression there's some big changes they can make that would make a big difference to the economy. An economy that's one of the better performing in the
developed world."