BIS Review 52/2002  1  Unfortunately, our financial sector is highly concentrated, a natural legacy of our shameful apartheid past. There is also an underlying problem of lack of broad access to basic financial services for the majority of the population, which is why I have noted with interest the topic of microfinance in emerging market economies on tomorrow's programme.
At the same time, in order to persuade the public that the costs are appropriate, it is essential to establish mechanisms to ensure that any costs are minimized; in other words, it is essential that an effective system of regulation and supervision at a global level is put in place.