In emerging economies, there are complexities in parallel implementation of measures for both development and integration of domestic as well as external markets in the financial sector, in contrast to being sequenced and spread over a period as it happened in major financial centres. A nurturing policy is necessary for a simple reason.
The story of the last few years has been that South Africa is drifting into a crisis. This has been the South African story before. We have, in the past, been able to change the narrative. South Africa has many friends, and there is a lot of money out there desperate for good growth economies to invest in.