At first glance, the worlds occupied by the Reserve Bank and the competition authority are at opposite ends of the economic policy spectrum. Whereas the central bank is characteristically identified as the guardian of macro-economic stability, the competition authority is concerned with regulating micro-behaviour. This includes investigating and adjudicating business practices and ensuring that the structure of the economy promotes competition and facilitates access.
The importance of the microeconomic sphere cannot be under-estimated. I have mentioned in the past that microeconomic reforms are important in driving the South African economy forward. President Thabo Mbeki noted in his address at the opening of parliament earlier this year, that we have reached the necessary level of macroeconomic balance and stability.