The challenge now is to build on what has already been achieved as a partnership of committed stakeholders and look at how we can extend this to greater heights. During our deliberations today a new vision will be proposed, one that will hopefully provide us with that challenge.
This experience illustrates that legislation is only part of the story, with our broad legislation accommodating a wide variety of monetary policy regimes. In Australia, the choice of exchange rate regime is one that is made by the government. In my view, this is as it should be, as this choice has wide-ranging implications for how a country’s economic system works.