BIS central bankers’ speeches  3  except that it took place in the complex environment of the 21st century global financial system.5 Likewise, the tools used to fight the panic, though adapted to the modern context, were analogous to those that would have been used a century ago, including liquidity provision by the central bank, liability guarantees, recapitalization, and the provision of assurances and information to the public.
One of the most encouraging developments is a growing demonstration of tolerance and comprehension by most South Africans of the changing environment, and an unflagging determination to make the New South Africa succeed. There is a deepening spirit of co-operation amongst the various groups, representing a complex multi-racial community.