The Governing Council stands ready to intervene again as new information becomes available and to consider all possible measures for maintaining credit conditions throughout the area consistent with the monetary policy stance. The ECB’s management of official interest rates has proven effective; the effects of last year’s reductions have spread to the countries hardest hit by the tensions.
Distinguished Members of the Media, in tying together the various strands out of the presentations to be delivered by my colleagues this morning, some key messages become apparent, clearly suggesting that the current growth model for Botswana will, going forward, be difficult to sustain.