Globally, the stance of m onetary policy is accommodative and one would be hard pressed to find anyone betting on a change in the state of affairs anytime soon. I will discuss how inflation targeting has fared through the crisis and then share some thoughts with you on South Africa’s experience and recent developments on the monetary policy front. 2.
): 110 bn EUR for 3 years:   Eliminated liquidity risk;    Bought time to reduce (perceived) sovereign solvency and (derived) financial market risks.