Known unknowns So, let me now touch on some of the “known unknowns” that are on my mind, speaking as a practitioner of monetary policy – ideas for further research, if you will. First, there is the globalization of production, by which I mean the optimal geographic distribution of production chains by companies.
In consequence, Australia's current account deficit has remained high at around 6 per cent of GDP recently, despite a strong international environment and rising commodity prices. Notwithstanding these concerns, it needs to be emphasized that monetary policy  BIS Review 10/2006  1  cannot be expected to target a particular composition of growth or current account deficit.