Though policy is conducted centrally, the various interests of the separate regions are not overlooked. The System is furthermore capable of reacting adroitly, as evidenced by the United States’ long-term record of strong economic growth and modest inflation. 6. How does everything I have just said translate to the future situation in Europe?
I will start with a brief summary of the causes, characteristics and consequences of each of the booms, and then provide a more general assessment of their macroeconomic implications. (a)  The 1850s gold rush  The 1850s gold rush was the first major mining boom in Australia.