*  *  *  This is the fourth time I have addressed CEDA’s Annual General Meeting in Melbourne, and following the practice adopted on earlier occasions, I would like to focus on a topic of current interest. Last time I was here two years ago, I devoted the whole speech to the exchange rate.
This time I have found no need to mention it, as there are other more important things on our mind and, I think, of more interest to you. Last year - that is, calendar 2001 - was a difficult year for the world economy, in particular for the G7 countries, where over the course of the year output declined.