The fact that inflation expectations, by and large, remained pretty well anchored made that gradual approach possible. The fact that interest rates in Australia never got as low as those in the major centres also meant that we had less 'normalisation' to do than others.
This is untrue. If they are obsessed with anything, it is with fiscal policy.” The founding fathers of the euro clearly foresaw the risk of unsustainable public finances for a stability-oriented monetary policy. That is why precautions were put in place to safeguard sound public finances and to protect monetary policy.