On this occasion, it is also fitting to pay further tribute to Dr Chris Stals for his term of ten years as Governor, and just more than 44 years in the service of the Bank. Dr Stals made numerous valuable contributions to the work of the Bank and for the benefit of South Africa during his career, for which we are deeply grateful.
Expanding markets, in turn, have increased competition and narrowed the ability of governments to influence economic outcomes. In recognition both of the prosperity possible through an open trading system and of their lessened ability to halt that tide, many governments have reduced tariffs and trade barriers and, when necessary, deregulated markets. These actions themselves have further promoted globalization.