Information exchange and the sharing of analysis across the global central banking community through fora such as the bimonthly meetings of governors at the Bank for International Settlements and the biannual meetings of the International Monetary Fund provide a valuable common platform in assessing and evaluating external spillovers.15 Equally, in relation to internal spillovers, the work of the Financial Stability Committee of the ECB and European Systemic Risk Board provides a framework to develop a shared analysis of financial stability risk within the euro area and, more broadly, across the EU.
At this juncture, the US and Australian economies find themselves in very different cyclical positions.