Monetary policy-makers and economists who met in Cape Town last week spent a lot of time talking about fiscal policy. It was a reflection of the extent to which this has become an issue for central bankers in advanced economies and emerging markets in the post-Covid period.

And SA’s own growing budgetary and borrowing woes raise questions all of their own — which no doubt is why the Reserve Bank devoted a special session to SA at the conference that it hosts every second year. ..

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