South Africa has sailed a considerable distance over the past two decades. Perhaps the most critical macroeconomic markers over that distance were the efforts made in the late 1990s to establish fiscal credibility, the adoption of an inflation-targeting monetary framework, and the adjustment to a marketdetermined exchange rate. My good friend and colleague, the Minister of Finance, Nhlanhla Nene will address the first. All three of these fundamental macroeconomic policy achievements are essential to understanding where we are now. And they are critical to thinking through why our policy stance and institutions will continue to support the economy through the adjustment needed in the face of major global forces beyond our control.