So we must begin to withdraw accommodation well before aggregate spending threatens to press against potential supply, and well before inflation as well as inflation expectations rise above levels consistent with price stability. I cannot give you a small list of variables that will trigger an exit; as always, our forecasts will use all available sources of information.
A second feature of particular relevance has been the strengthening of the micro structure of financial markets in South Africa, again designed to ensure that our markets meet normal established international standards.