Andy wasn't sure whether to invite the RBA as we had put in place a ‘soft’ version of inflation targeting around 1993, in marked contrast to the (then) hair-shirted framework of the New Zealanders and the Canadians. Graciously he erred on the side of inclusiveness in inviting Glenn Stevens and me to talk about the Australian model.
That backstop will enable global financial institutions to manage their liquidity in each local currency more stably, which will in turn facilitate their stable lending to corporate customers in local currencies.