The SARB has stuck to this policy even when the rand depreciated to R13,89 to the US dollar in late 2001 from levels around R8,00 to the US dollar at the beginning of 2001. Some analysts believe that this was a test of SARB’s resolve not to intervene in the foreign exchange market.
Problems and challenges have taken on a global dimension in the third millennium and it is unrealistic to think they can be faced within the close confines of individual countries. It is for this reason that Italy’s future cannot be separated from that of Europe as a whole.