Address by Mr T.T. Mboweni, Governor of the South African Reserve Bank, at the Corporatesport Directors’ Dinner, Sandton Sun Hotel 20 March 2007, to be delivered tonight at 19:00 Honoured guestsLadies and Gentlemen: 1. Introduction It is not often that I land up sharing the podium with someone like Mr Jake White, coach of our national rugby team. After all, what does a sports coach and a central bank Governor have in common? This is probably a question that some of you are currently pondering over. Perhaps, one common aspect centres around the target that both of us have. For Mr White it is to win matches and tournaments, while in my case it is to ensure that inflation remains within the target range. There is a subtle difference however. As long as Mr White meets his target, then everyone is happy (apart from the opposition). Meeting the inflation target does not necessarily keep all South Africans happy – this is particularly evident when we have to increase interest rates in order to keep inflationary pressures in check. Consumers, and usually the highly indebted ones, always complain when there are increases in interest rates while pensioners argue that it is a case of too little too late. So the issue of whose job is easier is still very much an open question. However, I am definitely not going to get involved in a scrum or a lineout with Jake in order to answer this question. I have no intention of giving away a penalty, being sin-binned or being cited afterwards. Whatever the case, I do not think that we should swap roles. I don’t know how Mr White would do as a central banker, but I am certain that the national team is better off not having me as their coach. I feel on safer ground sharing a platform with Mr Tim Modise. Both of our jobs involve communication, and he communicates on behalf of a sport that I passionately follow. I am an ardent Kaizer Chiefs supporter, but regrettably we will have to wait till next year for renewed league glory. I am pleased at least that if it is not my team that is leading the pack, it is a team from Tshwane where the Bank is based. I will leave rugby to Mr White, and let me rather use this occasion to highlight some of the economic benefits for South Africa of hosting major international events, in particular sporting events such as the FIFA World Cup. 2. Hosting of mega events The wave of globalisation that has swept across the world for more than two decades has had an impact on communities beyond the economic and financial spheres. It has also impacted on the way in which global communities interact in areas such as education and sport. As the world becomes increasingly integrated, more opportunities have emerged for countries to host and organise what today have become known as mega events. Since 1994, South Africa has become an important venue for hosting such events. Hosting major sporting, cultural and economic events is of significance for many countries since it can provide an important catalyst for growth and development.  As a result of this potential, professionals from various disciplines such as marketing, finance, economics and tourism have shown increased interest in understanding the dynamics of hosting mega events. Today, universities in the United States of America, the United Kingdom and Australia offer courses on various aspects of sport education, including sport marketing and sport tourism. This trend is also becoming evident in South African tertiary education and is likely to intensify in the future. South Africa has had its fair share of hosting major sporting events since 1994 such as the African Cup of Nations in 1994, the Rugby World Cup in 1995, and the Cricket World Cup in 2003. In addition, South Africa has also hosted major conferences which have attracted global interest. The most important of these have inter alia included the United Nations Conference on Sustainable Growth in 2002 which attracted more than 60 000 delegates, as well as the United Nations Conference on Racism in 2001, to mention but a few. Major conference and convention centres