Good week for Macron and bad week for Mkhwebane
Capping his stunning victory from left field in France’s presidential election six weeks ago, Emmanuel Macron’s La République en Marche party and its ally, MoDem, comfortably took 350 of the 577 seats in the national assembly polls, crushing the outgoing socialists and easily beating the centre-right and far-right parties. It clears the way for 39-year-old Macron to press ahead with the liberal, pro-free-market reforms he promised on the election trail, and to set about restoring French influence in the EU and beyond.
Apparently unfazed by more alarming issues such as prima facie evidence of state capture by the Zuptas contained in a torrent of leaked e-mails, public protector Busisiwe Mkhwebane chose instead to meddle with the mandate of the SA Reserve Bank. The populist and ill-informed recommendations in her report on recovering an apartheid-era loan to Bankorp — which the ANC and then Bank governor Tito Mboweni rejected — caused the rand to plunge, and betrayed frightening ignorance of the financial sector.