It is important to underline the nature of this new phase. We are not thinking of increasing our monetary base, expecting that through a working and stable multiplier the monetary aggregates will increase correspondingly thus  10  Christiano, L., M. Eichenbaum and M. Trabandt, (2015), “Understanding the Great Recession”, American Economic Journal: Macroeconomics, Vol. 7 No. 1 (January 2015).
Overall, despite some headwinds from a moderate economic growth scenario and some remaining fiscal challenges, the South African financial sector is assessed as strong and stable. The sector is characterised by well-regulated, highly capitalised, liquid and profitable financial institutions, supported by a robust regulatory and financial infrastructure. I have briefly highlighted the key issues raised in this FSR.