Daniel Mminele: Taking stock of the global and South African environment Address by Mr Daniel Mminele, Deputy Governor of the South African Reserve Bank, at the 6th Annual Cocktail Function of the Financial Markets Department, Pretoria, 10 May 2012. * 1. *  *  Introduction  Good evening ladies and gentlemen and welcome to the Financial Markets Department’s annual cocktail function.
It is customary for us to take stock every year of what has happened in the global and domestic environment. We last met in April 2011, at a time when adverse developments in the euro zone were gathering momentum and financial stability risks were intensifying, thereby threatening the sustainability of the global recovery.