A full transition to the new system will require much more work by both the public and private sectors, and no doubt we will learn lessons along the way. However, as we work together to implement financial reform, we must not lose sight of the reason that we began this process: ensuring that events like those of 2008 and 2009 are not repeated.
However, we also have to stress that the Compact should take cognisance of existing initiatives by Pan-African organisations such as the AU and NEPAD, as much of the groundwork has already been laid and there is a need to ensure economies of scale by bringing all these initiatives together, fill the existing gaps, and drive implementation in such a way that there is concrete action and tangible results.