“ global solutions are needed for global challenges ”. during the first leaders ’ summit in 2008, the g - 20 focused primarily on strengthening economic growth, dealing with the economic and financial crisis, and laying the foundation for much - needed reform of the financial sector. there was a drive to reform the international monetary fund ( imf ), the world bank and other multilateral development banks, coupled with initiatives to resist trade protectionism and work towards the conclusion of the doha disclaimer : there may be minor differences between this version of the speech and the delivered german version development round, the objective of which was to lower trade barriers and facilitate increased global trade. the london summit of april 2009 focused on coordinated fiscal and monetary stimulus measures to avert the threat of a global depression. leaders agreed on additional resources of up to us $ 1 trillion for the imf to assist countries in weathering the financial crisis. the financial stability forum at the bank for international settlements, which at the time was only represented by advanced economies, was transformed into the financial stability board ( fsb ), with key emerging market economies represented on the fsb. in september 2009, the g - 20 leaders also agreed on the implementation of a framework for strong, sustainable and balanced growth. by the time of the toronto summit in june 2010, fears were escalating over the deteriorating fiscal health of various advanced economies as they tried to support growth. advanced economies with large deficits agreed to at least halve their fiscal deficits by 2013 and to stabilise or reduce sovereign debt ratios by 2016. these commitments included ongoing structural reforms across all g - 20 members to rebalance and strengthen global growth. an agreement to conclude work in the basel committee on banking supervision on a new global regime for bank capital and liquidity was also reached. by 2012, the european banking and sovereign debt crisis received much attention, with the spillover effects to other member countries in a globally interconnected world and the need for policymakers in europe to take decisive and credible action featuring strongly. with this in mind, and with the potential for increased instability, the g - 20 leaders pledged over us $ 450 billion in financial resources to boost the imf firewall at the june 2012 los cabos summit. in 2014, the g - 20 adopted the 2 - in - 5 objective, committing to collectively raise g - 20 output by an additional 2 per cent over a five - year period, by 2018. disclaimer : there may be minor differences between

of the reserve bank has been given an important degree of autonomy for the execution of its duties. in terms of the constitution : the south african reserve bank, in pursuit of its primary objective, must perform its functions independently and without fear, favour or prejudice, but there must be regular consultation between the bank and the cabinet member responsible for national financial matters ”. as a creation of government, the reserve bank is, of course, accountable to parliament and the government has an important say in the activities of the bank. in terms of section 31 of the reserve bank act the governor of the bank must submit a report annually to the minister of finance relating to the implementation of monetary policy. moreover, in terms of section 32 of this act the bank must on a monthly basis submit a statement of its assets and liabilities and annually its annual financial statements to the department of finance. these reports are then tabled in parliament by the minister of finance. the governor of the reserve bank is also summoned to appear before the portfolio committee on finance from time to time. in these meetings he usually explains the monetary policy stance to committee members and answers questions on the bank ’ s views on financial and economic developments. section 37 of the reserve bank act provides further that if at any time the minister of finance is of the opinion that the bank has failed to comply with any provision of the act or of a regulation made thereunder, he may by notice in writing require the board of the bank to make good or remedy the default within a specified time. if the board fails to comply with such a notice, the minister may apply to the supreme court for an order compelling the board to make good or remedy the default, and the court may make such order thereon as it thinks fit. 3. primary objective of the bank in all these endeavours, the primary or strategic objective of the reserve bank is to achieve and maintain stable financial conditions in the country. this objective is spelled out in both the constitution of the republic and in the south african reserve bank act. in these acts it is recognised that only by protecting the currency can balanced and sustainable economic growth be achieved. it is believed in the bank, and indeed in most countries of the world, that the potential growth rate of an economy and the optimum creation of employment opportunities can only be attained under stable financial conditions. by fulfilling this primary objective, the reserve bank will make its contribution to sustainable higher economic growth in south africa. the question may be asked what is meant by the