and regional financial standard - setting bodies have the obligation to play a proactive role, to use our strengthened voice, to be ready to take constructive positions on the various reforms, and to consider the views of those countries who do not sit at the table. the bank is fully committed to fulfilling this responsibility in all its engagements. as you are aware, south africa is also part of the brics grouping of countries. we meet ahead of g - 20 meetings to exchange views on issues affecting the global economy. in addition, these countries have committed themselves to supporting one another and undertaking collaborative initiatives that will benefit brics as a group. in this regard, brics has agreed to the establishment of the contingent reserve arrangement ( cra ), which brics leaders agreed to in july 2014. the cra is a self - managed arrangement, the purpose of which is to serve as a financial safety net, complementing existing international monetary and financial arrangements. the initial size of the cra is us $ 100 billion ; south africa contributes us $ 5 billion and is eligible to receive us $ 10 billion in support. the cra is made up of swap arrangements between the brics countries and will be used to forestall short - term balance - of - payments pressures, provide mutual support, and strengthen financial bis central bankers ’ speeches stability. the cra is beneficial to south africa as it adds a layer of financial support in times of crises. currently, the brics central banks are negotiating the inter central bank agreement which operationalises the cra ; this is set to be finalised before the next brics summit in russia in july 2015. conclusion the recent crisis has highlighted the importance of effective cooperation and coordination by central banks as well as the benefits of improved information - sharing between financial supervisors and central banks. the experiences of the past few years have highlighted the need to deepen our understanding of how globalisation affects both monetary policy and financial stability. this, in turn, facilitates a better assessment of the potential systemic implications of financial shocks, which should assist policymakers in addressing market tensions faced by individual institutions. through forums such as the g - 20, the imf, and brics, much work has been undertaken to strengthen the global economy and the global financial system, and to better identify, understand, and manage risks. south africa and the bank, as an active participant in these international forums, always strive to ensure that the interests of the country and of the continent are represented in discussions on the global

economy. allow me, in closing, to leave you with a plea. you have all been privileged to attend one of the world ’ s leading business schools and have come back equipped to assume the important roles you occupy in your respective companies. with the release of the most recent unemployment figures earlier this week, which in no small measure have to do with education and skills levels, i would encourage you, if you are not already doing so, to get involved in coaching and mentorship programmes to share your insights, expertise, and experiences. we celebrated africa day on monday. with the vast potential and opportunities that our continent offers, which need good business leadership to partner with governments and the public sector, would it not be nice to add, somewhere in the near future, an african insead campus to the locations in europe, asia, and the middle east? thank you. bis central bankers ’ speeches