South African governor seeks non-monetary integration

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The governor of the South African Reserve Bank, Gill Marcus, on October 2 called for further trade integration in Africa but rejected the need for a regional monetary arrangement under present conditions.

Speaking to the Nordic Business Chamber of South Africa in Johannesburg, Marcus criticised African monetary integration initiatives for ignoring the criteria for optimal currency areas. She said an international institution enforcing sound fiscal policy would not be the best method of ensuring

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