*  *  Global economic and financial developments  The world currently faces two pressing macroeconomic issues: one is a slowdown in global economic growth, and the other is increased instability in international financial markets triggered largely by fiscal and financial problems in Europe. A. Outlook for the global economy  Let me start with the outlook for emerging economies.
Non-residents are no longer affected by the remaining exchange controls, and accept the credibility of the South African authorities in their determination gradually to remove the remaining controls. One major constraint, however, is provided by the volatility of exchange rates, even amongst the major currencies of the world.