Credibility and independence are critical in achieving our objectives. Other critical elements include well defined and limited number of goals, effective tools to achieve these goals and finally, measurable success indicators and accountability. Central bank credibility is directly linked to achieving the goals and being accountable.
If you want for the South African Reserve Bank to address the unemployment crisis, then you need to give us the tools to address things such as high firing and hiring costs or the large number of unskilled workers. You would need to take them from other government departments. For us to be successful, we need to act independently without considering political issues.