2  BIS Review 90/2010  Consequently, the policy rate has been cut by a cumulative 350 basis points between November 2009 and March 2010. With the reduction, it is anticipated that credit conditions will gradually ease and credit growth will be restored to ensure a steady growth in output. 4. Outlook for economic growth  [16] The outlook for economic growth remains positive.
Otherwise that same independence would be compromised. So, just as today, the relationship with Europe was based on solidarity resulting from mutual benefit and on the responsibility of independent nation states.