10  R E S E R V E B A N K O F AU S T R A L I A  Graph 11  Australian Cash Rate Target %  %  7  7  6  6  5  5  4  4  3  3  2  2  1  1  0  1997  2002  2007  2012  2017  0 2022  Source: RBA  The Board expects that further increases in interest rates will be required over the months ahead.
They had underestimated the depth of Europeans’ commitment to the euro. They mistook the euro for a fixed exchange rate regime, when in fact it is an irreversible single currency.