The exchange rate has supported domestic producers, with the nominal effective rate falling 36% from the end of 2010 and the real effective rate falling 20%. But if we measure our competitiveness by unit labour costs, say against the US dollar, SA has about 20% more real depreciation to claw back.
The ECOFIN and the European Council also stipulate that the activities or decisions of the new authorities should not impinge on the fiscal responsibilities of the Member States and that any binding decision by the new authorities or the Commission must be subject to Community courts.