•  The high credibility and success of the single monetary policy in the euro area over the past nine years rests on the institutional framework of the ECB enshrined in the Treaty, and on the ECB’s stability-oriented monetary policy strategy.
These changes in our spending patterns have been challenging for many businesses, but the ability and willingness of Australians to keep spending has helped the overall economy. Graph 3  Still quite a way to go My third observation is that despite the positive economic news over recent months, we still have quite a way to go.