BIS Review 20/1997  -2-  Table 1: Indicators of World(a) and Australian(b) Macro-economic Performance (average annual increase)  1870-1950 1950-1973 1973-1980  GDP  CPI  2.3 (2.9) 4.9 (4.7) 2.6 (3.1)  0.1(c) (1.3) 4.1 (4.6) 7.3 (9.7)  (a) Sixteen largest OECD countries; (b) Australian figures in brackets; (c) Peacetime years. Source: Maddison (1991).
Turning to Europe and European reforms, the most relevant ones concern the completion of Banking Union, meaningful progress in the Capital Markets Union and the creation of an additional budgetary stabilisation function for the euro area.