http://www.rba.gov.au/speeches/2017/sp-ag-2017-11-15.html  1/16  16/11/2017  Where is the Growth Going to Come From? | Speeches | RBA  Because of this regulatory structure, by the time Bert retired from parliament in 1977, Australia was a poorly performing, inward-looking economy. Economic growth and living standards were lagging other industrialised economies. Inflation remained higher as well.
For its part, beginning in 1995, the Bank of Greece adopted what became known as a “hard drachma policy”, under which the exchange rate was used as a nominal anchor. For the first time, the Bank announced a specific exchange-rate target.