To sum up, the monetary strategy of the Eurosystem offers a sound framework for economic and monetary analysis; it has been effective, in my experience, in guiding the monetary decision-making process within the Governing Council of the ECB. The results are favourable, considering current and expected inflation.
Australian economists, including those in the Reserve Bank, spent a lot of time researching the question of why growth in the Australian economy was so highly correlated with that in the US. We were intrigued by the closeness of the relationship because the trade flows between the two economies were not particularly large.