Others, meanwhile, want to abolish central banking as a public institution altogether given their mistrust of what they see as an overabundance of power, supporting instead competition between private currencies. An op-ed piece in the Austrian newspaper Die Presse once put forward the view that monetary policy was “a kind of soap opera – and a boring one at that.
In the realm of financial markets, solid progress is being made in developing new rules, standards and mechanisms, yet more needs to be done to ensure consistent implementation. From the South African Reserve Bank perspective, we will continue to argue for reform of the global financial system to make it fairer and invest in building our internal institutions.