In a speech on 'The global economy and central banking in Africa' given on 9 November, Tito Mboweni of the South African Reserve Bank said the changes in the world economy in recent years have led to large improvements in central banking in Africa. At the same time, globalisation and financial liberalisation have complicated the task of African central bankers and the general management of the economies on the continent.

"Our economies are generally small open economies dependent on one or only