Monetary policy is constrained by the fact that inflation has either been close to or above the target band for a significant period over the past two years.
In the absence of macroeconomic policy space, which has to be gradually rebuilt, faster employment and economic growth can only come about through selling more to the rest of the world or through implementing the well-known structural reforms outlined in the NDP to get us to a higher growth path. The lower oil price does provide us with a shot in the arm.