I will make only a brief reference to the general economic situation, which I described in detail before these committees a month ago. The information that has become available in recent weeks confirms the signs that the economy is weakening. According to the provisional estimate released by Istat, GDP stagnated in the third quarter.
As you may know, nowadays our bank notes are made out of a polymer material that lasts much longer than in the days of paper money. This reduces the Reserve Bank’s costs. A side effect is that you’ll be seeing Dr Brash’s signature around the place for a while yet. Polymer notes are also very difficult to forge, because of their modern security features.