Warrnambool passes that test and is an important agricultural and tourist centre, so it is a fitting venue for this meeting. I would also like to thank the Mayor of Warrnambool, Councillor James Nicol, for his hospitality in hosting a civic reception for the Committee and the members of the Bank appearing before it.
Inflation rates are expected to continue to decline in the coming months, reaching a level in line with price stability during the course of 2009. The intensification and broadening of the financial market turmoil is likely to dampen global and euro area demand for a rather protracted period of time.