The survey carried out in December indicated a rate of between 2.5 and 3 per cent for the first half of this year (Figure 8a). 6. The outlook After the breakdown of the gold exchange standard all countries’ currencies became of a purely fiat nature. This is a new epoch in monetary history.
Some of the benefits associated with new statistics accrue several years down the track once a good time series is developed. Choices made now about what (or) not to collect and how to collect it can have implications for the quality of financial analysis (or policymaking) for years into the future.