In the euro area, and in the European Union at large, the plan for a banking union is ambitious, but it goes in the right direction. Some progress has been made on the convergence towards a single set of global accounting standards; but much remains to be done.
As we deal with it as best we can, we also need to look to the other side when things will recover. When we do get to that other side, all those fundamentals that have made Australia such a successful and prosperous country will still be there. We need to remember that.