Nonetheless, the change in the trade experience of Australia – and we are hardly alone in that – is an indicator of the way the weight in the world economy is gradually shifting to the Asian region. On the financial front, in contrast, Asia remains in many respects underdeveloped, especially in terms of the prominence of its local-currency capital markets.
To sum up, a cross-check of the outcome of the economic analysis with the signals coming from the monetary analysis confirmed that an ample degree of monetary accommodation is necessary to support economic activity and the robust convergence of inflation to levels that are below, but close to, 2 per cent over the medium term.