an oil price shock, a drought, a natural disaster, or financial contagion affecting the currency), at the subsequent meeting of the Monetary Policy Committee, the SARB will fully inform the public of the nature of the “shock”, the anticipated impact on CPIX inflation and the monetary policy response to ensure that inflation returns to the target and the time frame over which this will occur.” There are two important points worth noting.
In principle the common market should eventually allow banks headquartered in any one partner state the “right of establishment” in each of the other partner states and allow citizens of each partner state to purchase financial services from banks in the other partner states. Precisely how the “right of establishment” will operate with respect to banking has yet to be decided.