The most experienced among you may remember that the idea of a joint financial supervisory system was actually discussed by the Delors Committee back at the end of the 1980s, but was ultimately dismissed. The crisis set in motion a learning process in this field, too, in which old beliefs were called into question, and not only in the member states.
If this were to turn out to be the case, monetary policy would have the flexibility to respond provided the inflation outlook remained benign. Conclusion To summarise, the challenge that we Australians face is to make the best of the fundamental changes that are taking place in the global economy.