Italy’s large public debt and weak growth prospects, as well as the uncertainties over European governance, make risk premiums on government securities highly sensitive to swings in market confidence, as has been shown recently by the wide fluctuations in interest rate spreads relative to German Bunds.
It is, however, also encouraging to note that with assessments of compliance on South Africa as a jurisdiction by  2  2  The Global Competitiveness Report 2015–2016, World Economic Forum. BIS central bankers’ speeches  the BIS CPMI/IOSCO, we have been scored quite favourable overall when it comes to the expected outcomes.