The convergence of the national markets to form a large and liquid European capital market, however, is a process which is not yet complete. Many private investors still prefer to invest nationally. It is primarily large enterprises that have benefited so far from the freedom of the enlarged markets when taking up funds. Even so, competition is well under way.
Existing controls in each country in the SADC region have been analysed with a view to gradual harmonisation and the removal of controls for transactions within the region. However, the region’s central bank officials recognise that the sequencing and speed of exchange control liberalisation depend on the characteristics of each individual economy and also on the political realities.