RBA Statement on Monetary Policy, May 2003

The Reserve Bank of Australia has released its May 2003 Statement on Monetary Policy. The global economy entered a period of slower growth towards the end of last year, which has continued into 2003. While this has been generally expected to be temporary in nature, concerns about the loss of momentum were for a time amplified by uncertainties related to the situation in Iraq.

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Introduction

In particular there seemed a significant risk in the early months

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