Prudence is required when conducting monetary policy; decisions must be made after weighing the medium- to long-term positive effects against the unintended side effects. When policy side effects accumulate over an extended period, the risk is that it may prove difficult or even too late to deal with these unintended consequences once they materialize.
Lesetja Kganyago: Introductory remarks - Witwatersrand dialogue Introductory remarks by Mr Lesetja Kganyago, Governor of the South African Reserve Bank, at the Witwatersrand dialogue, Johannesburg, 16 March 2023.