My remarks this morning will focus on trends globally and then touch more specifically on what has been happening at the South African Reserve Bank in the reserves management space, before concluding with some comments on asset purchase tapering and its potential impact on reserves management. 2.
The ESM was introduced in 2012 to bridge one of the gaps in European economic governance: its core function is to grant conditional assistance to euro-area countries that are experiencing temporary difficulties in raising funds on the market, despite having sustainable public debts. Alongside this function the proposed reform introduces a backstop to the Single Resolution Fund (SRF), within the bank crisis management framework.