A disorderly adjustment of these imbalances could result in a sharp depreciation in the US dollar, thereby impacting negatively on global economic growth. It is not clear whether under these circumstances the rand would find itself moving with the dollar, or in the opposite direction. Much will depend on how world growth and risk perceptions are affected in such a scenario.
12 / 16  BIS central bankers' speeches  Slide 12 There have been important reform efforts in the euro area in recent years supporting the recovery of potential growth. Since 2009 the reform responsiveness in the euro area has exceeded the OECD average (see slide 13).