And how can the banking union be completed? These questions and talking points affect us directly as Eurosystem central banks, and they have a bearing on our work.
However, the South African economy will always be affected considerably by developments in the rest of the world. Any weakness in the US dollar or any of the other major currencies will affect the exchange rate of the rand. Our focus can therefore only be to develop an environment favouring greater stability. Monetary policy will continue to focus on the objective of price stability.