We must first establish: •  independent central banks with strictly defined monetary policy objectives;  •  well-managed and sound private sector banking institutions;  •  well-functioning and well-coordinated financial markets, including foreign exchange markets; and  •  effective clearing and settlement arrangements within and amongst countries,  before we can proceed to the more ambitious plans for macroeconomic integration.
Only after the basic financial structures have been established in our countries can we harmonise interest rate, exchange rate, money supply and inflation policies. Cooperation on this basis will strengthen the position of the SADC region in the on-going process of financial globalisation.