Sources: ABS; IMF; OECD; RBA; Thomson Reuters  The Australian economy If the global environment became more complicated and more variable, and if the shocks hitting the economy became larger, it would not be entirely surprising if this resulted in more variability of the Australian economy. But that is not, in fact, what we find. Table 2 presents the relevant data.
I suggest, therefore, that giving up a nationally-tailored monetary policy has not, in fact, been a cost, but a benefit. Now let me turn to the trade channel. Recent empirical work has shown that a common currency can promote trade and growth over and above any effect produced by separate currencies tied together with fixed exchange rates.