As this audience knows, when the Federal Reserve was established, the question of whether it should be a private or a public institution was highly contentious. The compromise solution created a hybrid Federal Reserve System. The System was headed by a governmentally appointed Board, which initially included the Secretary of the Treasury and the Comptroller of the Currency.
–  Our monetary policy stance is clear and appropriate;  –  Fiscal policy is vigilant in anticipation of the normalization of interest rates;  –  A sudden stop is relatively unlikely for South Africa;  –  The end of QE is not plainly bad for SA, and could be a good thing if it heralds a return to growth in the advanced economies.