We welcome, finally, a written response to critiques of SA Reserve Bank monetary policy, specifically, Reserve Bank research head Chris Loewald’s “Depression risk a bad reason to jettison macroeconomic policy frameworks (https://www.businesslive.co.za/bd/opinion/2020-05-31-depression-risk-a-bad-reason-to-jettison-macroeconomic-policy-frameworks/).” (Business Day, May 31).

But it is precisely because the risk of a depression is so high (a more than 10% GDP crash) that we must see change in those frameworks...