20 But the constrained banking system left a gap into which others stepped. 21 As early as the 1960s, new, less regulated, financial institutions began to arise. The banks’ share of financial intermediation in the Australian economy steadily declined from the mid 1960s, reaching a little over half at its lowest point in the early 1980s (Graph 1). 19  Macfarlane (2006).
The easing of tensions in the euro area reflects the progress made in European Union governance, the resolute steering of monetary policy towards the maintenance of accommodative conditions, and the correction of national imbalances, with significant progress being made in the countries hardest hit by the crisis. Nevertheless, the risks remain high.