Within a couple of years the Arab countries will probably also be better represented in international organisations and better integrated in world politics and the global economy. I do know that the European Union is seen as a highly instrumental – or even natural – partner in the process of modernisation which Arab countries are undergoing at present.
The success of inflation targeting depends strongly on central bank credibility that is derived from the market's belief in the Reserve Bank's resolve and ability to meet the inflation target. BIS Review 64/2002  1  South Africa adopted formal inflation targeting for three main reasons. In the first place, it was necessary to find the most credible and transparent monetary policy framework.