A depreciation of the Australian dollar in turn will tend to enhance the competitiveness of our exporters, including those services priced in Australian dollars like tourism and education.
Nonetheless, concerted action is needed by all stakeholders to ensure the sustained and determined reduction of the NPLs across the euro area. While the road may be hard, we must have the patience and resolve to do what is necessary. 1  I would like to thank Trevor Fitzpatrick and Mícheál O’Keeffe for their contributions to this speech.