Available at: https://www.wider.unu.edu/publication/fiscal-policy-times-fiscal-stress  11  Fiscal consolidation would also have important implications for our longer-run ability to protect the value of the rand, which is a central concern for us as the SARB.
One of the papers discussed at Jackson Hole this year was about the relationship between fiscal and monetary policy, and it offered the following warning: When fiscal imbalances are large and fiscal credibility wanes, it may become increasingly harder for the monetary authority to stabilise inflation around its desired target.