No doubt, the Board members here tonight will tell you a different story. They will assure you that each month when we meet, we diligently assess the pulse of the Australian economy. We also deliberate carefully over what setting of monetary policy will best deliver low and stable inflation in Australia.
For a start we will probably have a network of national arrangements with national resolution authorities and national resolution funds endowed by the banking industry. These national institutions will have the same design and will apply common rules. But as we all know: banking is global.