In the case of South Africa, the South African Reserve Bank acts as banker to the Central Government. Provincial Governments are, however, the clients of private banking sector. In Japan, Bank of Japan carries out the transactions with the National Government but not with local Governments. As regards USA, the Federal Reserve acts as the banker to US Government.
As for the Trump risk now, because it is like a new risk, and it was Mario Draghi who talked about it like that, we saw this weekend that Europe as a whole, the euro area, and Germany in particular, was the first target of the trade war that Donald Trump wants to unleash, how do you view that?