 macroeconomic policy is about how you manage shocks and how you manage fluctuations. But macroeconomic policy, of course, also interplays with the longer term in a way it influences which direction you go, but at the same time the actual conditions, they impose certain constraints on what you can do with policy. Where is it that national treasury on the fiscal policy side can influence and where is it on the monetary policy side that the South African Reserve Bank can actually help promote the structural transformation of the economy and the stability of the economy. Obviously, this has been very much reflected in the responses to the COVID crisis where it's pretty clear that there were some major responses taken for good reasons, but you also needed to have an acute sense of the fiscal space available and what would be the implications of what you were doing in order to take the right decisions. We've also looked at how different sectors within the non-financial part of the economy react to changes because for fiscal policy to have an effect it must work through its impact upon industry one which changes its demand for the outputs of industry two and so on and so on and we've used a technique based upon social accounting matrices. We did that for estimating the effects of the first lockdown to calculate the impact of the lockdown upon economic activity in South Africa and our calculations proved to be accurate and they informed the emergency budget that the minister and government brought in at the time of lockdown. So the work we did on the multiplier from that disaggregated point of view proves the worth of doing that kind of thing. The main areas of work focused around fiscal and monetary policy and in the fiscal policy space there was a big focus around fiscal multipliers. The reason why fiscal multipliers are important is because it tells you about the relationship between government spending as well as government taxation and economic growth and any fiscal policy choice you make has to be informed by a very rigorous understanding of how fiscal multipliers are changing over time and so there was quite a lot of work in this area that ultimately influenced and informed how the national treasury crafted its own macro fiscal stance.