the two. Keating, along with Hawke, oversaw a "National Economic Summit" in their first month in office, with Keating leading several sessions outlining the Government's economic agenda. The Summit, which brought together a significant number of senior business and industrial figures alongside trade union leaders and politicians, led to a unanimous adoption of a national economic strategy, generating sufficient political capital for the Government to begin a wide-ranging programme of economic reform previously resisted by much of the Labor Party. Macroeconomic reforms Keating used the authority and relative autonomy provided to him by Hawke to become one of the major driving forces behind the various extensive macroeconomic reforms of the Government. In December 1983, Hawke and Keating approved the floating of the Australian dollar, disregarding advice from the Treasury Secretary John Stone to retain the fixed currency framework. The success of the move, which was lauded by economic and media commentators, gave confidence to Keating to pursue even more reforms. Over the Hawke Government's first and second terms, Keating oversaw the gradual elimination of tariffs on imports, the privatisation of several state-owned companies such as Qantas, CSL Limited, and the Commonwealth Bank, the deregulation of significant sections of the banking system (including allowing for numerous foreign-owned banks to begin operating in Australia for the first time) and the granting of autonomy on decision-making to the Reserve Bank of Australia. Keating was also instrumental in establishing the Hawke Government's signature industrial relations and wages policy, the Prices and Incomes Accord. This was an agreement directly between the Australian Council of Trade Unions (ACTU) and the Government to guarantee a reduction in demands for wage increases, in exchange for the Government providing a significant increase in social programmes, including the introduction of Medicare and the Family Assistance Scheme; in so doing, the Government was able to reduce inflation and unemployment over the decade. Keating's management of the Accord, and the close working relationship he developed with ACTU Secretary Bill Kelty, became a source of significant political power for Keating, who negotiated multiple versions of the Accord with Kelty throughout the Hawke Government. Through the power given to him, Keating was often able to bypass the Cabinet altogether, notably in exercising monetary policy, and he was regularly referred to as "the most powerful Treasurer in modern times". In the wake of the raft of macroeconomic reforms introduced by Keating throughout the first term