But the trends, and levels relative to longer-term averages, can be more meaningfully compared. The differences in the extent of the falls in profits since 1998 are quite striking. US profits are back to 1990 levels; Australian profits are similar to the post-recession average, and look nothing like a recession scenario.
Nevertheless, holding onto something which is well-established can hinder progress and change which in themselves can bring many advantages. The participants in European Economic and Monetary Union (EMU) have already come a long way and have overcome a number of difficulties. The cash changeover simply completes this process, which began at the beginning of 1999 with the start of Stage Three of EMU.