to, inter alia, simultaneously control inflation, generate growth, solve the unemployment problem, control interest rates, control exchange rates and capital flows, build reserves and ensure financial stability. some areas, such as macroprudential policies, are still unchartered territory. but it is important that central banks have clear and achievable mandates, and for these to be communicated. central banks build up credibility by achieving their goals, but can lose credibility and indeed legitimacy if they fail to achieve goals that society believes they ought to achieve but are beyond their capabilities. in south africa, there have been periods when this lack of understanding of the role and scope of monetary policy resulted in the bank becoming a lightning rod for all that was wrong in the economy, and unrealistic demands and expectations resulted. in order to try and contribute to this better understanding of the role of the bank, we introduced an outreach programme which involves regular interaction with various stakeholder groups including political parties, trade unions, business groupings, different sectors of the economy and civil society. the governors and senior staff speak at various forums and universities. numerous meetings and interactions with investors, both domestic and foreign, take place on a continuous basis. we try to be as accessible as far as is reasonably possible, but at the same time ensuring an appropriate black - out period before mpc meetings. as part of our outreach programme we convene an economists ’ round table on alternate months to the mpc, where economists and analysts from various sectors are invited to discuss topical issues with the governors and other senior staff of the bank. the aim of this outreach is not to preach or to take instructions. it is an interactive process of sharing information and ideas. we do not always agree. but we have found that the process has increased knowledge, mutual understanding and respect. furthermore, in conjunction with the release of the bank ’ s monetary policy review we arrange a series of monetary policy forums in 10 venues around the country, and each mpf is attended by at least one member of the mpc. this gives stakeholders and the general public the opportunity to interact with policy - makers. the issue of communicating monetary policy and in particular the future monetary policy stance is perhaps more contentious. the modern view is that central banks should not surprise the markets, but should rather guide them. this then implies more predictability which requires transparency and greater emphasis on communication. improved and more open communication with respect to monetary policy has therefore been one of the main thrusts

the field of large - value payments. at the shortest end of the market, the integration of the interbank market took place in 1999, right from the start of monetary union, thanks to the setting up of the target system for the transfer of large - value payments in real time throughout the euro area and other eu countries. the system now processes over 4 million payments on average each month, representing roughly 1, 000 billion euros daily, of which 43 % are cross - border payments. these figures show a significant increase in the use of real - time gross settlements in the eu since the introduction of the euro ; • the smooth functioning of the entire integrated organisation of the eurosystem, in which the decision - making centre works in constant contact with the national central banks on the implementation of operations. the reasons for this achievement lie primarily with the in - depth preparatory work conducted over several years by the central banking community and private financial market operators. b / second, together with many other factors, this technical and operational success has contributed to the high credibility of the single monetary policy, which is guaranteed, inter alia, by the independence of the european central bank and of the national central banks. the eurosystem has inherited the store of confidence that was built up over several decades by the national central banks in charge of the most reputable currencies. in france for example, the last opinion survey indicated that 80 % of french citizens trust the banque de france. and the level of confidence in spain towards the banco de espana, or in the other countries participating in the euro area towards their respective ncb, is certainly as high. moreover, and contrary to what is often said, the monetary union of europe is not starting from scratch. it is worth emphasising that for no fewer than 12 years before the launch of the euro, six of the currencies which now make up the euro — and represent close to two thirds of the gdp of the euro area — had proven to be remarkably stable, not being subject to any realignment within the e. r. m. this high level of confidence is also supported by the homogeneous functioning of the eurosystem : the european monetary team, composed of the ecb and the national central banks of the - nowst twelve euro area countries as we have welcome, on the 1 of january 2001, a new member, the bank of greece. all the components of the eurosystem work constantly hand in hand. the eurosystem is a