This fiscal space, as was demonstrated during the drought and global financial crises is important for propelling growth even in times of crisis – the fiscal stimulus would not have been possible – Gives room for monetary policy to perform. 6.
4  BIS Review 20/2009  Indeed the difficulties we are experiencing are broadly external (global) in origin. But building resilience against external vulnerabilities resides in all of us. Building resilience in a time of uncertainty is not just BSP’s task. Even as I outlined actions that BSP is undertaking to avoid the negative feedback loop, avoiding this is not just BSP’s task.