Good morning ladies and gentlemen.  It is a pleasure to be with you once again, and an honour to have been asked to make a few remarks at the opening of the SADC Payment System Integration workshop.It is only little more than a year since we launched the project to integrate the region’s payment systems. If we cast our minds back, at that time we were all reasonably constructive about where the world was going. Most parts of the world had just emerged from a severe recession, the global economy had been successfully pulled away from the brink, and economic indicators were generally pointing the right way, albeit with some risks that we could identify. We had subsequently seen very encouraging growth rates during the first quarter of 2010.All this, however, started to change during the second quarter, when the European sovereign debt crisis presented new challenges, which are still with us today, and in the process exposed how fragile the banking and financial systems still were after the crisis, and delivering the very sobering message that the road to a strong and sustainable global recovery was going to be a rather slow one, and would be uneven across countries and regions.More recently, we have witnessed a series of natural disasters, and geopolitical risks increasing, the full impact of which on the global economy remains uncertain at this stage. And of late in some parts of the world inflation concerns are coming to the fore again, requiring delicate balancing acts on the part of policy makers to ensure that inflation expectations remain anchored while avoiding any undue damage to recovery prospects. As we will be starting our monetary policy committee meeting later today, I will certainly not comment on the South African situation, but refer you to the statement that we will issue on Thursday afternoon.We have many lessons to learn from the crisis, while the crisis has also left many questions unanswered.These challenging and uncertain times that we are experiencing will in some way or another also have a bearing on the SADC payment system integration project. Two areas specifically spring to mind: The one being the evolving agenda and package of measures to address the root causes of the global banking crisis, the other being the events in Europe, where certain euro zone member countries had to be rescued by others together with multilateral organisations, resulting in the European integration project being put to a rather severe test.The two circumstances can present very different sets of challenges and could impact the SADC integration project in different ways, in that each could impact a different set of role-players. The emergence of measures to address issues that led to the global banking crisis has a direct impact on commercial banks, and on regulators who are required to refine existing or introduce new regulatory and supervisory measures. The events in Europe, which revealed that, while there are no doubts about the benefits of monetary unions, under certain circumstances they can put serious constraints on countries, on the other hand may harbour even broader implications. Countries in the SADC region will probably carefully monitor the situation in Europe to reassess the admittance criteria and control measures for a future SADC monetary union.Commercial banks will be required to conform to more stringent regulatory requirements because of the new measures introduced following the banking crises.Regulators are required to review their oversight and supervisory procedures of commercial banks. A higher level of co-operation between regulatory bodies is becoming essential to ensure that different facets of a commercial bank’s structure and operation are adequately examined. Joint oversight and mutual co-operation initiatives between regulators are being formalised by memoranda of understanding and we are observing the formalisation of roles of the different regulators in integrated environments.The significant commitment required of commercial banks to meet the new requirements could result in a shift i