Debates are still going on regarding to what extent a central bank should pursue such monetary policy, namely, the relationship between a central bank and the government, or the relationship between monetary and fiscal policy. Looking back on those series of events, I hope you understand why I choose the topic of money, government securities and a central bank.
Having increased robustly in the first half of 2002, real manufacturing output started to grow at a slower rate in the second half of that year and then declined in the first nine months of 2003. This was mainly a reflection of lacklustre global growth trends and the recovery in the exchange rate of the rand.