Mixture of good luck and good management

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Reference no: EM132050434

Dr. Edey wrote: “I am often asked why Australia was able to come through the GFC relatively unscathed. Unlike the US, the UK and the euro area, Australia didn't have a recession and we didn't have any bank failures. My usual response is that it was a mixture of good luck and good management.”

Explain what he means by “a mixture of good luck and good management,” making specific reference to both ad-hoc measures during the GFC and the general approach to financial stability. (max 400 words)

Reference no: EM132050434

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