South Africa’s growth rate has been declining persistently since the post-crisis rebound of 2011. The Bank’s 2015 forecast has GDP growth at 1,5 per cent, the lowest level since 2009. We expect next year to be only slightly better, at 1,6 per cent. These narrowly positive growth numbers are disappointing, not least because they fall well below the 5,4 per cent growth described in the National Development Plan as the rate necessary for meaningful progress against unemployment and poverty. I would like to talk to you today about this low growth problem – and about the role of monetary policy.