Greece stands as an example that there is no fatality, that past economic policy mistakes can be repaired and that national reforms combined with European solidarity are able to turn the economy around. However, we clearly cannot yet claim that we are done: investment remains weak, unemployment is unacceptably high and too many Greeks are at risk of poverty.
Operationally, however, it is important that central banks should have policy independence if they are to be effective in achieving their objectives. In the case of the Bank of Botswana, there is a reasonable degree of independence.