Notwithstanding the gradual approach that has historically characterised the Union, we must take concrete steps to solve the imbalances that exist within the Union. If we don’t, the EMU might even be jeopardised eventually. The EMU is not an end in itself.
Expectations for Australia’s trading partner group itself are for growth to be a bit below average, little changed from six months ago. Inflationary pressures globally look quite subdued. Global interest rates will still be very low, even if short-term rates move up a bit further in the United States.