The question is thus what changes to the international rules of the game have been introduced over time in terms of format and substance. These two aspects are often interwoven, i.e. institutional changes often go hand in hand with and are aimed at improving the resilience the global system. Yet I will try to deal with them one after the other.
South Africa and the South African Reserve Bank are important partners for Germany and the Deutsche Bundesbank. We share common responsibilities in the group of twenty. The 20 leading industrial countries and emerging markets have a particular responsibility for global financial stability and economic growth.