This tendency to exaggerate the role of central banks has been particularly evident in the United States in recent years, as I have mentioned, with the almost universal perception that the strong growth in US productivity since the mid-nineties has been closely related to the way in which the Federal Reserve System has operated monetary policy.
In practice this implies that the SARB will tolerate temporary breaches of the inflation target in the interest of smoothing out short-term fluctuations in economic growth.