Our inflation-targeting framework would help us make that decision, and would underpin the credibility of any steps we might need to take. In the current circumstances, however, we think that a QE programme doesn’t make much sense for South Africa. Some advocates of QE argue that it is a free way of financing government deficits. This is not true.
BIS central bankers’ speeches  9  Concluding remarks Today, I have explained the current situation and near-term outlook for Japan’s economy. I have also talked about the challenge Japan’s economy faces in each of the coming phases of rebuilding, revival, and further growth. The earthquake suddenly threw Japan into a crisis.