This was in the wake of a slowdown in the Australian economy, but was also the era of excitement over America’s so-called “new economy”, and the sense that Australia was an “old economy”.5 The “old economy” elements like mining would come into their own only a few years later.
During the global financial crisis, it became apparent that the euro has been an important shelter for the euro area countries to protect them against what otherwise may have resulted in an exchange rate and balance of payments crisis. This led to the widespread perception that the euro area is a safe haven.