In making these decisions the Board also recognised that the earlier concerns about the trajectory of household debt had lessened. The Board has also paid attention to the shift in the outlook for monetary policy globally. These two recent reductions in the cash rate will support demand in the Australian economy.
We shall also, for settlement purposes, request all participating Central Banks to open a EURO and a US Dollar Account  2  BIS Review 46/2008  with us at the Bank. In order to familiarise our stakeholders with the System, we have organised a brief Information Session on REPSS just before the tea break.