Provided, as the market consensus expects, that there is no quick reversal of current inflation and policy trends in the Eurozone, developments in that region may continue to dampen, in the future, the impact of US policy normalisation on flows into, and prices of, SA financial assets.
Whatever the outcome and wherever we may find ourselves next year this time, I believe a lot of progress has been made by policy makers around the world, and particularly within the G20, where there is greater cooperation and greater awareness and efforts made towards understanding the impacts of policy actions across countries, in particular the spill overs and feedback loops and therefore how this might influence not only individual countries but also the global growth trajectory.