EDITORIAL: Reserve Bank bats for inflation policy
For those involved in capturing the state and reaping the rich pickings, fiercely independent regulators such as the Bank pose a threat
The Reserve Bank has won a court victory halting the public protector’s efforts to change its mandate. But the Bank is still fighting to prevail in the court of public opinion in the face of a series of attacks tending to focus on its price-stability mandate and its admittedly peculiar shareholding structure. In normal times, any and all of these could be the subject of legitimate debate. But these are not normal times and there’s plenty to indicate the attacks are not driven by the cut and thrust of intellectual debate, but rather by efforts to undermine the institution itself. After all, the Bank is responsible not just for keeping a lid on inflation, but also for exchange control and banking regulation, including making sure the banks have systems in place to detect money laundering and the like. For those involved in capturing the state and reaping the rich pickings, fiercely independent regulators such as the Bank pose a threat. Any attacks on the institution need to be seen in...
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