One of these is calibrating monetary policy appropriately in light of fiscal policy. Is monetary policy less effective than previously? Monetary policy before September 11 had eased by 300 basis points, the most aggressive easing over a comparable period in almost twenty years. However, many see the effect of that easing as disappointingly small.
The South African Reserve Bank (SARB) is pleased to welcome so many of you who have decided to join us at this conference. We appreciate the great interest in this event, both from domestic and from international stakeholders. We remain fully committed to engaging and cooperating with all our stakeholders on crucial policy matters and the changes in our shared landscape.