Remarks by Daniel Mminele, Deputy Governor of the South African Reserve Bank, at the annual Financial Markets Department cocktail function  Pretoria 4 April 2017  Good evening, ladies and gentlemen. It is once again that time of the year when we welcome you all to the annual cocktail function of the Financial Markets Department of the South African Reserve Bank (SARB).
Obviously these challenges will continue to present themselves in some way or another to newly joined Member States. In this context, I warned against premature changeover to the euro. The surrender of exchange rate flexibility and the euro area-wide orientation of monetary policy may not be compatible with the challenges posed by structural and real convergence.