At the same time the current account of South Africa’s balance of payments moved into surplus, mainly owing to a decline in dividend payments to the rest of the world and a rise in exports. The depreciated external value of the rand has undoubtedly strengthened the price competitiveness of domestic producers and could lead to a strong export performance.
If we want an effective prudential architecture for the European financial sector, we will need to address the regulatory gaps that still persist. In my speech this morning, let me begin by reviewing the functioning of the SSM and discussing its challenges.