But to return to my initial impressions, what is particularly encouraging, I believe, is that the coherent and responsible policy framework provided by inflation-targeting has demonstrated its ability to address the shocks in a steady and considered manner and, in doing so, has helped considerably to maintain confidence in the economy.
This is particularly evident in the international markets, where confidence in the fundamentals of the South African economy has undoubtedly been a factor in the recovery of the rand; and it is evident, too, in the positive attitude to South Africa encountered more generally abroad - notably, for example, in the upgrades that have already been put in place by the rating agencies, with further upgrades in prospect.