For example, the harmonising of payment, clearing and settlement systems has already begun. Some SADC central banks are successfully implementing real time gross settlement systems (RTGS). And the strengthening of banking supervision has already begun in the region. A Memorandum of Understanding (MOU) on Macroeconomic Convergence has also been agreed to by SADC member states.
Yet as research has repeatedly demonstrated, these sorts of fundamentals only explain a small part of the variation in the prices of assets such as equities, long-term Treasury securities, and corporate bonds.