But because of its structural current account deficit, South Africa has to compete with peers to attract international capital. Such gains, therefore, cannot be neglected. Some people might also wonder whether our current inflation target range of 3-6% is too high or not wide enough, and whether it consequently imposes unnecessary constraints on the economy.
Such initiatives have vastly helped to establish a solid MSME business and sustainable growth in your country. I am therefore quite confident that also in developed countries, we shall manage to combine intensified regulation with sound MSME financing. And that we shall also manage to ultimately motivate our banks to move back towards their core task of servicing the real economy and their customers.