ECON211 Policy application, Assignment 3, 2021 In a recent article on BusinessLive, Duma Gqubule argues that South Africa does not have a real central bank. He criticises the conduct of monetary policy and puts forward a range of proposals under the umbrella term monetary finance. 1. Compare his proposals to what you have learned about monetary policy in Chapter 9. You can compile a summary table as follows. (12) The SARB's way Gqubule's proposals The objective of monetary policy The targets The way in which policy is conducted, and instruments used 2. Represent Gqubule's reasoning using the AD'-PC model from chapter 7: 2.1 The Covid-19 lockdown as a supply shock only. (6) 2.2 His monetary policy proposals. (6) 2.3 His proposals for what to do when too much money is created