In the recent Global Competitiveness Report, the areas in which South Africa fared well are those that are underpinned by strong institutions and governance such as the strength of auditing standards, the protection of minority shareholder interests, the efficacy of corporate boards and the efficiency of the legal framework and judicial independence. The soundness of banks is also highly ranked.
South Africa was one of the relatively few countries whose banking system emerged largely unscathed from the global financial crisis. In my address today I will reflect on the place of the Reserve Bank within the current institutional framework, the relationship between the exchange rate, competitiveness and institutional strength, and make a few comments on the financial stability mandate.