Today, our economies are - not completely, but to a considerable extent - shielded against the ups and downs of the U.S. dollar (just recall what that would have meant in the ERM I of the early 1990s!). Moreover, the Eurosystem’s monetary policy has established sustainable price stability in the euro area. Inflation expectations have been stabilized at slightly below 2%.
As you know, South Africa and the United States (US) have a long history of economic cooperation, and American businesses have played an important role in the development of our economy. South Africa is the US's largest African trading partner and has the most diversified and industrialised economy on the continent.