September 2009 marks the 32nd anniversary of the murder in detention of Bantu Stephen Biko. It is, therefore, a fitting tribute to Steve Biko to hold this event in September, South Africa’s heritage month.
In the short term, in particular in the euro area, an expansionary monetary policy remains of key importance to supporting aggregate demand and attaining price stability, and to preserving financial stability from debt-deflationary risks. As to the longer term, it is difficult to foresee how the factors affecting real interest rates will evolve; and this uncertainty bears on their current low level.