In order to fulfil this role, the Broad Economic Policy Guidelines have, in recent years, been enhanced in several ways. They have become more operational through the use of more concrete recommendations in both the general and country-specific parts. Moreover, within the overall process of policy co-ordination, increased emphasis is being placed on implementation.
The challenge is in finding the right balance in our interventions that will complement the efforts of others, including Government. More often than not, the Reserve Bank prefers to play a facilitating and supporting role while encouraging other stakeholders, such as the Banks, to come to the party.