Mark Carney: From hindsight to foresight Remarks by Mr Mark Carney, Governor of the Bank of Canada, to Women in Capital Markets, Toronto, Ontario, 17 December 2008. *  *  *  It has been a difficult year for capital markets professionals. The turmoil has deteriorated into a full-blown financial crisis.
But South Africa’s resilience during this stress episode is very welcome. We have benefitted from some good luck, mainly from higher commodity prices. In large part, the macroeconomic choices of the past few years have also reduced fragility. This reflects necessary fiscal policy decisions, especially around the public sector wage bill, as well as a prudent monetary policy.