To quote Jean Monnet, one of the intellectual architects of European Unity: “Nothing is possible without the people, nothing is lasting without institutions.” This is even more important for the euro area as a monetary union.
We need to remember https://www.rba.gov.au/speeches/2019/sp-gov-2019-11-26.html  7/12  26/11/2019  Unconventional Monetary Policy: Some Lessons From Overseas | Speeches | RBA  that monetary policy cannot drive longer-term growth, but that there are other arms of public policy than can sustainably promote both investment and growth. Application to Australia I would now like to turn to what this all implies for us in Australia.