2  G. Debelle and M. Plumb (2006) ‘The evolution of exchange rate policy and capital controls in Australia’, Asian Economic Papers (forthcoming). 2  BIS Review 86/2006  In summary, the operation of monetary policy in the pre-float period was significantly constrained by external considerations, and was hampered by capital flows.
Benefiting from the ongoing recovery in the world economy, the significant macroeconomic stimulus provided and the measures adopted to restore the functioning of the banking system, the euro area economy grew by 0.4% in the third quarter of 2009, after a period of sharp decline, while in the fourth quarter real GDP was flat, according to Eurostat’s second release.