However, in a Working Paper of the International Monetary Fund that was prepared by Mark R. Stone, South Africa was the only African country that was regarded to have a clear commitment to inflation targeting. South Africa shifted away from monetary targeting to informal inflation targeting in the 1990s, and started to apply formal inflation targeting from February 2000.
Banks that need recapitalisation must also be allowed to directly access the European Financial Stability Facility (EFSF) and, when it is in place, the European Stability Mechanism (ESM). Let me add a warning.