This approach recognises the important contribution that these investors can make to real economic growth, development and employment creation in South Africa. I remain optimistic about the benefits our country will derive from engaging in the financial globalisation process and the constructive role that monetary policy will play in this process by ensuring financial stability.
What we are seeing in many countries, is an improvement in governance, and the establishment of transparent, arm’s length relationships among governments, corporations and financial institutions, that are typical of mature markets. We are also witnessing the global acceptance by political leaders of the independence of central banks as a critical factor for credible monetary policy.