Under these circumstances, errors of 1  BIS Review 95/2000  judgement may be easily made with domestic macroeconomic policy that could have a detrimental effect on aggregate domestic economic activity in South Africa. It can be said that the greater the level of integration of the global market, the greater the need for worldwide supervision.
One of the important questions in this regard is whether such worldwide supervision should be provided by a single international supervisor or by a closely linked group of supervisors. South Africa’s sophisticated financial system compares favourably with those of most industrialised countries and surpasses those of many emerging-market countries.