This also implies that even if inflation is within the target, but uncomfortably close the top of the target range, monetary policy may be more accommodative than in the event of a zero or positive output gap. In other words, a relatively higher weight is placed on the output stabilisation objective under such circumstances.
Monetary policy actions in the wake of the crisis can be seen in this context. In the immediate aftermath, monetary policy also focused on trying to ease liquidity in dysfunctional segments of the financial markets, although such interventions were not required in South Africa.