It led to a both qualitative and quantitative change in the operations of central banks and was reflected in their balance sheets. The events forced the central banks to focus on the question what kind of credit they extended, and should extend, in providing liquidity to private banks. Later, the central banks launched large securities purchase programs.
Over the past five years, South Africa was therefore not only challenged with the need for reintegrating the South African economy, and more in particular, the financial sector in a rapidly changing global financial environment, but also with the challenge of adapting to a new domestic socio-political structure.