See also the discussion in Leeper, E. (1991), “Equilibria under “active” and “passive” monetary and fiscal policies”, Journal of Monetary Economics 27, p. 129–147. 2  BIS central bankers’ speeches  entrepreneurs. And this is exactly what we saw in the euro area until the Single Supervisory Mechanism was decided.
This increase was largely due to a 14 per cent or R13.0 billion rise in notes and coin in circulation to R103.1 billion, and a R2.6 billion increase in the cash reserve balances of banks to R66.1 billion. These actions were somewhat offset by declines in outstanding debentures, longer-term reverse repos and CPD balances with the Bank.