This allowed some time to assess the effects of earlier decisions and also to gauge what was happening in the rest of the world. Most recently, as you know, the Board decided to lift the cash rate by 25 basis points. Many lenders raised their loan rates by more than this.
Some observers have said that the solution to our difficulties lies in more – not less – European integration, and I agree with this view. Let me explain why. BIS Review 79/2010  1  Working together to meet these challenges is not just an act of solidarity; it is very much in the best interests of all the participating countries and their citizens.