While the SARB was initially at the forefront of the development of proposals on how this reform could be achieved, the mandate for determining a market-preferred choice of a reference rate to replace the Jibar was given to the MPG.
On its part, in January 2015, the ECB launched an expanded asset purchase programme, since the degree of monetary accommodation prevailing at the time was insufficient to adequately address the heightened risks of a prolonged period of low inflation.