SA's obsession with monetary policy misplaced.

Byline: Hilary Joffe

SA's obsession with monetary policy misplaced The cost of money is not the only or even the main factor that shapes investment or job-creation decisions THE response to last week's budget speech was telling. Few were fussed about the fiscal framework. And hardly anyone engaged with the merits, or otherwise, of Finance Minister Pravin Gordhan's proposals for a new economic growth path. But there was an absolute outcry about what he said (and didn't say) about inflation targeting.

Monetary policy has long been an obsession in SA. And not just in the labour movement. One international rating agency analyst says she has found, over the years, that when she presents to clients here, she ignores monetary policy at her peril.

Perhaps it's an obsession that dates back to the bad old days of …