This prudent approach paid off recently when the international economic crisis led to a contraction in economic activity in South Africa. Low levels of government debt made it possible to adopt a much more expansionary fiscal policy stance under the circumstances, despite subdued tax revenues.
Faster progress is needed towards a single law at European level, at least as far as deposits insurance and liquidity management are concerned. 9  Directive 1994/19/EC. 10  Directive 2001/24/EC. 11  Directive 2002/47/EC.