The deficit in 1995 increased to $ billion, equal to 2.1 per cent of gross domestic product, but then declined to $ billion in 1996, when the rate of increase in gross domestic expenditure decelerated. One of the most important changes in the South African economy since 1994 has been a dramatic improvement in the capital account of the balance of payments.
Recent developments in European prudential framework Finally, international cooperation has been strongly reinforced and supervisory colleges for large complex financial groups have been established. At EU level, the setting up and functioning of colleges is provided for in the EU regulatory framework and is well advanced.