Background to the South African financial sector reform process Unlike many other countries on the African continent, South Africa has a well-established financial structure which includes a relatively independent central bank, sophisticated modern banking institutions and competitive financial markets. There developed, nevertheless, a need for far-reaching financial reforms in recent years.
Moreover, the free movement of people ensures that anyone can seek work where economic activity is concentrated as a result of agglomeration effects. Economic clusters in turn benefit from being able to recruit workers from across the EU. The United Kingdom has benefited from the strong economic and financial links within the Single Market.