Economists would want to see if the manifestos point to any change in the way the government handles the national budget and the Reserve Bank. Here the solemn words “macroeconomic policy” signal serious economic and political issues, and debates about what exactly the august institutions of the Treasury and the bank should do.
While the EFF undertakes to nationalise the Reserve Bank, the ANC is silent in the manifesto on this. And while the EFF would nationalise the Reserve Bank it has nothing further to say about monetary policy. Changing the ownership of the Reserve Bank, as the On the other hand, the New Zealand government has changed its central bank mandate from pure inflation-targeting to a dual mandate – adding maximum employment as an objective. According to the specialist news website, Central Banking, the NZ Reserve Bank was the first central bank to adopt an inflation-targeting regime, and that it has now ditched that single-minded approach is significant.
Debt levels are only one part of the picture, and none of the parties have any real answers to the taxing problem of an economy where widespread exclusion from full participation in the economy means a narrow tax base and inequality. South Africa is in some respects highly taxed, as I pointed out in a. An assurance, at least, that imposing more sneaky indirect taxes will be resisted would be comforting.
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