IT’S like a rite of passage for anyone appointed to a government job dealing with the economy and Gill Marcus was no exception.
In her first announcement on interest rates, she said there were insufficient grounds for a rate cut.
Cosatu let her have it, saying: “It is a great missed opportunity to promote growth and create
jobs through a decisive cut in rates. This could have given a lifeline to firms which are struggling
to survive, by cutting their cost of borrowing, and thus saved hundreds of jobs.”

This from the Sapa report:
Marcus, said the federation, was “still tied to the mistaken belief of her
predecessor” that inflation remained the main challenge facing the
bank and the country, even though inflation was now on its way
down.
“It is obvious that the main problem the country faces is the
economic recession and the massive levels of joblessness, and not
inflation,” Cosatu said.
It added that this was the reason the Alliance Summit held on
the weekend had called for a review of monetary policy.
“This has now become even more urgent,” Cosatu said.

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