The unusual severity of the recession and ongoing strains in financial markets made the challenges facing monetary policymakers all the greater. Today I will review the evolution of U.S. monetary policy since late 2007. My focus will be the Federal Reserve’s experience with nontraditional policy tools, notably those based on the management of the Federal Reserve’s balance sheet and on its public communications.
However, it is important to recognise that these challenges also create opportunities to promote regional financial integration. South Africa is therefore fully supportive and active on committees such as the Association of African Central Banks, SADC Committee for Central Bank Governors (CCBG), the FSB’s Regional Consultative Group for sub-Saharan Africa and the Community of African Banking Supervisors (CABS).