I am often asked why Australia was able to come through the GFC relatively unscathed. Unlike the US, the UK and the euro area, Australia didn’t have a recession and we didn’t have any bank failures. My usual response is that it was a mixture of good luck and good management.
8.4 Fourth, the participative processes also have a multiplier effect in terms of several means by which the codes and standards are disseminated. For example, the widely read Economic Survey 2000-01 of Government of India released as part of set of Budget Documents makes a detailed reference to the subject (vide Box 6.4 on International Financial Standards and Codes).