South Africa remains concerned that, whereas the world came together in 2008–09 in a coordinated response to the global financial crisis, policy today is more inwardly focused and disparate, rather than coordinated and coherent. The world economy still needs a high level of cooperation and partnership in order to complete the recovery process. We still need joint activity to ensure faster growth.
The reform of the regulatory and supervisory framework at the EU and international levels must substantially enhance the stability of the global financial system. The system must strengthen itself and build up its own defences. I propose a strengthening of the financial system that focuses on three goals: long-term sustainability, improved resilience and a holistic perspective.