As I hope you are aware, the Reserve Bank’s monetary policy framework is centred on the inflation target, but the ultimate objective of our policies is to promote the collective economic prosperity of the people of Australia. In the Board’s judgement, the easing of monetary policy last month and this month will help promote our collective welfare.
12 Their participation in value chains has been consistently higher than that of other EU countries and they have made most progress in catching up with the average level of GDP per capita in the EU. But more importantly, the single currency’s main benefit has been to provide stability in the integration process.