The outcome will be directly relevant to the prices paid for Australia’s bulk commodity exports, as will be global energy demand more generally. It can’t be ruled out that certain commodity prices, and thus Australia’s terms of trade, remain higher for longer than we expect. That would be a positive income boost if it happened.
The Eurosystem is ready to actively contribute to the implementation of reforms wherever necessary. Thank you very much for your attention. References C. Reinhart and K. Rogoff (2008), Banking Crises: An Equal Opportunity Menace, NBER Working Paper No. 14587. C. Reinhart and K. Rogoff (2009), The Aftermath of Financial Crises, paper presented at the American Economic Association Meeting in San Francisco, 3 January 2009.