All of us use the term globalisation everyday and so do the Lords and Ladies at the House of Lords. Everyone has their understanding of what the term is all about and how globalisation impacts on all of us. The Lords and Ladies wanted to know from me what the positives and negatives of globalisation were on South Africa.
In addressing the challenges created by such periods of stress and turmoil, monetary policy makers need principles that guide their decisions, which often have to be made in conditions of high uncertainty and time pressure. Only by adhering to such principles can a coherent and consistent approach to such decisions be maintained, both in normal times and at times of stress.