Some analysts, including myself, have argued that the SA Reserve Bank should have long started the local version of quantitative easing (QE), which involves the central bank buying long-term securities on a large scale.

In addition, and contrary to the Bank’s initial position, I have argued that the law allows it to directly finance the fiscal deficit, and it could refinance government debt to open fiscal space for an effective response, not just to Covid-19 but also to the underlying structural economic crisis...

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