It has been said quite a bit by a number of central bank governors and within the ECB, there’s a limitation to what monetary policy can accomplish when you have slowing growth. What would you say are those limitations? Because at some point, QE has to end. Is there a plan for that? That’s not going to go on indefinitely, is it?
South Africa has been able to benefit from these favourable developments and we have seen significant shift in trade patterns in recent years. In 2007, 38 per cent of South African manufactured exports went to Europe, with 25 per cent going to Africa. By 2012 the picture had reversed, with 25 per cent going to Europe, and 38 per cent going to Africa.