Page 8 of 11  Politicians may sometimes query why central banks (like the SARB) do not play a greater role in funding development needs, especially in those sectors where the level of risk and the duration of projects make it a highly risky investment for private lenders.
Higher risks to financial stability should be addressed primarily through domestic socalled macroprudential policy in the different member countries. In a single currency area, macroprudential policies are particularly important for dealing with sectoral and regional risks that cannot be accounted for by the single monetary policy.