As we have heard this morning, much of the economics profession appears to have been converted to the “hypothesis of the vanishing middle”; for economies well integrated into world capital markets, there is little, if any, middle ground between floating exchange rates and monetary unification. Effectively, this hypothesis rules out intermediate regimes.
T T Mboweni: Risks and challenges facing the global economy Address by Mr T T Mboweni, Governor of the South African Reserve Bank, at the Mail and Guardian Business Breakfast, Johannesburg, 4 May 2007. *  *  *  Honoured guests Ladies and gentlemen  1.