Ric Battellino: Economic and financial developments Address by Mr Ric Battellino, Deputy Governor of the Reserve Bank of Australia, to Citi’s 3rd Annual Australian & New Zealand Investment Conference, Sydney, 25 October 2011. *  *  *  Introduction 2011 has been a frustrating year for the world economy.
The recovery in most of the large advanced economies lost momentum in the first half of the year and financial market volatility and concerns about sovereign debt posed renewed threats in the second half. This led the IMF in September to note that the world economy had “entered a dangerous new phase”.