The SARB’s role in South Africa, a developing state  But does all of this mean that, under the current framework, there is little that monetary policy can do to assist in the build-up of stronger, sustainable and more inclusive growth? We do not think so.
Indeed, the only positive contribution to euro area real GDP growth in 2015 came from domestic demand, which in itself highlights how important our monetary policy measures have been in supporting the recovery of key euro area spending  BIS central bankers’ speeches  1  components.