It is natural, today, to take it for granted that a transparent and well-organised financial architecture necessarily includes a smooth, well-functioning and economical payment system for clearing and settlement. But this is a relatively recent achievement, one that has benefited greatly from the information and communication technology revolution.
In turn, consumer demand is weak because firms are not investing and employment is not growing. Generally, governments break this cycle through higher public investment spending. South Africa is in the midst of a major public investment programme, focused largely on energy and freight logistics capacity.