We have, in the meantime, pretty significant challenges of our own that we must meet. Even before the price rises for oil and other commodities seen this year, Australia had experienced a significant pick-up in inflation, in the mature phase of a long period of economic expansion.
It has also confirmed that strong vigilance remains of the essence so as to ensure that risks to price stability over the medium term do not materialise. This will permit medium to longer-term inflation expectations in the euro area to remain solidly anchored at levels consistent with price stability.