Finally, looking at the process of regulatory reform, although a good deal of deregulation and liberalisation of previously sheltered sectors has taken place, there is still plenty of scope for further measures to increase the level of competition and stimulate entrepreneurial initiative. Let me now shift the focus from structural to more conjunctural issues and briefly discuss the current economic situation.
While South Africa’s financial sector may have come through the crisis relatively unscathed, we are part of the global community and are also undertaking various regulatory reforms to ensure that our financial sector is further strengthened.