Even then, with the second condition now met, the third condition might not hold: The expected improvement in future macroeconomic performance from moderating the bubble's expansion may not be enough to more than offset the upfront costs of extra action.
*  *  *  … Esteemed guests Ladies and gentlemen, It is a privilege and an honour to have you all here as guests of the South African Reserve Bank as we say goodbye to Dr Chris Stals, who was Governor of the Reserve Bank for ten years, and as we also mark the start of my term as Governor.