9  • The current international governance framework continues to be characterized by a structural underrepresentation of emerging market economies, as it has failed to adapt, even after accounting for the steps taken in the midst of the global financial crisis, to the changes implied by the increasingly important role of these economies in the international economic and financial systems.
But I should hasten to add that there is no comparison between Japan's long-term price deflation and South Africa's short-term decline in production prices which is so closely related to exchange rate movements. How do inflation prospects look going forward? To some extent this has already been dealt with in the Reserve Bank's Monetary Policy Review of October 2002.