Our pledge is therefore set out in a four-point agenda:   First, regulation and regulatory intervention Financial inclusion cannot be realised without appropriate financial regulation and regulatory interventions. Regulation ensures that the financial system remains stable. Only with a stable financial system would it be possible to pursue the financial inclusion agenda.
Prior to the crisis, although South Africa had a well-developed domestic bond market by emerging-market standards, non-residents held about 9% of total randdenominated government debt. Today, this stands at around 40%. This development is seen as reducing emerging-market dependence on foreigncurrency debt. It is also seen as a means to reduce exposure to external shocks and increase resilience.