The prevailing mandate of the South African Reserve Bank is informed by sound economics and the need to protect the institution from the whims of politicians.
Reserve Bank Governor Lesetja Kganyago. The role of South Africa’s central bank is at the centre of a heated debate.
A financial system that is sure to collapse if the central bank cares about people’s well-being goes against democratic principle.
Treasurer Joe Hockey and his Coalition colleagues continue to demand that their opponents ‘respect the mandate of the new government and the will of the people and vote with the government’.
The Abbott government, when faced with opposition over the past year, has commonly resorted to two lifeline statements. The first is that it’s carrying out the “will of the people”. And the second is that…