The current crisis has revealed a general under-appreciation of systemic risks in the existing framework of financial regulation and supervision, which tends to focus on the stability of individual institutions, markets and infrastructures. The crisis also revealed that macrofinancial factors, the inter-connectedness of markets and institutions and financial globalisation play an important role in determining the size, nature and propagation of systemic risk.
Thank you for inviting me to address you today as you prepare to participate in collective bargaining across a range of industries. In particular, I would like to thank Mr. Koos Bezhuidenhout, the President of Fedusa and Mr. Dennis George, General Secretary of Fedusa.