We have not reached that stage yet, but the longer monetary policy remains at this setting, the greater is the likelihood of these results. I have no doubt that this is understood by central banks around the world and in time the degree of monetary expansion will be reduced.
In the meantime, it has made things more difficult in some ways for those countries where domestic demand has remained buoyant and domestic costs and prices have not been under downward pressure. The Australian economy Where does this leave Australia? My previous sentence may have given you the impression that it made life difficult for us.