Address by Dr Chris Stals, Governor of the South African Reserve Bank, at the Bank Expo '98 Conference, Yaoundé, Cameroon.   1. The beginning of SADCThe Southern African Development Community (SADC) was founded in 1980 when nine 1)http://www.resbank.co.za/Address/1998/ad010398.html - 1) countries in Southern Africa decided jointly "to pursue policies aimed at economic liberation and integrated development of our national economies". After Namibia became independent in 1990, it also joined SADC, to become the tenth member. South Africa joined in 1994 and was shortly afterwards followed by Mauritius.The total population of the twelve SADC member states at this stage is approximately 140 million. Last year, the Democratic Republic of the Congo and Seychelles applied for membership in SADC. If these two countries will join the organisation, the total population of the SADC region will be raised to 185 million or 26 per cent of the total population of the African continent.The present Treaty of SADC was approved at a Summit Meeting of the Heads of State of the participating countries in August 1992. As in the original Treaty, the importance of economic development and co-operation in the region was emphasised. Included in the main objectives of the Community are the following economic goals: to achieve development and economic growth, alleviate poverty, enhance the standard and quality of life of the peoples of Southern Africa, and support the socially disadvantaged through regional integration;to promote and maximise productive employment and utilisation of resources of the region; andto achieve sustainable utilisation of natural resources and effective protection of the environment.The Treaty established a framework for co-operation among the member states of SADC and provides for: deeper economic co-operation and integration on the basis of balance, equity and mutual benefit, providing for cross-border investment and trade and freer movement of factors of production, goods and services across national borders;common economic, political and social values and systems, enhancing enterprise and competitiveness, democracy and good governance, respect for the rule of law and guarantee of human rights, popular participation and alleviation of poverty; andstronger regional solidarity, peace and security, so that the people of the region can live and work together in peace and harmony.The Treaty provides for various political, social and cultural objectives which are not of direct relevance for the enhancing of financial co-operation in the region. These will not be discussed further in this presentation. 2. Institutional frameworkThe Heads of State of the SADC countries form the main policy decision-making body of this organisation. They meet from time to time in Summit Meetings to give direction to the policy and activities of the organisation. There is also a Council of Ministers, mainly Ministers of Foreign Affairs, that meets regularly (once a year) to overview progress made with the various programmes for the achievement of the objectives of SADC.At the third tier, Sectoral Councils of Ministers have been formed to drive the process of different Protocols, aimed at the more specialised activities. Each country within SADC has been given responsibility for one or more of the Protocols. South Africa, for example, has been given responsibility for managing and developing the Finance and Investment Protocolhttp://www.resbank.co.za/Address/1998/ad010398.html - 2) 2) For this purpose, there is a Council of Ministers of Finance that meets from time to time to give guidance to a programme for closer financial co-operation amongst the participating countries in SADC. The Council of Ministers of Finance formed two sub-committees, one for senior Treasury Officials, and the other for Governors of Central Banks. The two sub-committees are chaired by the South African Director-General of Finance in the case of the Committee of Treasury Officials, and the Governor of the South African Reserve Bank in the case of the Committee of Governors.T