Professor Franz, thank you very much for the invitation. At first glance, the title may have left a few of you slightly puzzled. “Everything flows? The future role of monetary policy” conjures up a number of associations. The title could be alluding to the massive increase in liquidity as a result of non-standard measures taken by many central banks.
Unless we can get consensus and support for the almost global approach of contemporary central bank policy, and unless we can agree to pursue these policies also in South Africa, the road to the internationalisation of the South African economy will be rough and difficult. 2.