Regional economic arrangements  As is well known, South Africa is a member of three regional organisations in the Southern Africa region, these being the Common Monetary Area (CMA) (with Lesotho, Namibia and Swaziland); the Southern African Customs Union (SACU), with Botswana and the CMA countries; and the Southern Africa Development Community, SADC, whose members include all SACU members as well as Angola, Democratic Republic of Congo, Madagascar, Malawi, Mauritius, Mocambique, Tanzania, Zambia and Zimbabwe.
To protect the stability of the financial system, authorities must define shared-oversight arrangements across jurisdictions, the framework and principles for emergency liquidity support to CCPs, and policies for failure resolution. This work is under way, but much more needs to be achieved, and the details matter.