funding. in theory, international contagion could also be transmitted through the international exposures of the south african financial system. in the event, however, this has not materialised as the financial sector had very little direct exposure to the us sub - prime market. moreover, as has been indicated earlier, the banking sector in south africa has capital in excess of the regulatory requirement, operates within a regulatory environment which is fully compliant with the basel ii regulatory framework : and is subject to robust supervision by the registrar. 3. regional economic arrangements as is well known, south africa is a member of three regional organisations in the southern africa region, these being the common monetary area ( cma ) ( with lesotho, namibia and swaziland ) ; the southern african customs union ( sacu ), with botswana and the cma countries ; and the southern africa development community, sadc, whose members include all sacu members as well as angola, democratic republic of congo, madagascar, malawi, mauritius, mocambique, tanzania, zambia and zimbabwe. the cma, at present, allows each member to have its own currency, these being pegged one - to - one to the south african rand which circulates as legal tender throughout the area. each member state, except south africa, is required to maintain foreign reserves equivalent in value to the total amount of local currency issued. the reciprocal obligation of south africa is then to pay seignorage to the other countries in proportion to the rand circulating within their respective regions. for consistency, moreover, exchange controls are harmonised throughout the region. most of the major south african banks have a presence in each of the member countries of the cma as indicated in table 3 : but, as of now, none of the home - grown banks in lesotho, namibia, and swaziland have yet established a presence in south africa. regarding sacu, it is the case that negotiations leading to the current arrangement and reserve - sharing formula were finalised in 2002 ; ratified in a formal treaty in 2004 and the provisions were first implemented in 2005. revenue, deriving in essence from the implementation of a common external import tariff structure for the union and from excise taxes collected, is apportioned among the member states in accordance with a formula which has three components : namely, a customs component, an excise component and a development component. during the three years of operation, south africa ’ s contribution to the sacu revenue pool has amounted

sabine lautenschlager : a future - oriented approach to paneuropean innovative retail payment solutions welcome address by ms sabine lautenschlager, member of the executive board of the european central bank, at the ecb conference " an innovative single market for the euro ", frankfurt am main, 6 may 2019. * * * introduction ladies and gentlemen, it is a great pleasure to welcome you here today to this conference on an innovative single market for the euro. it is a great pleasure to see so many of you here today, and i can see that we have quite a lot of new faces as well as many of the ecb ’ s regular counterparts in the payments and securities world. i ’ m not surprised at the level of interest in this conference, since we are going to be discussing topics that deal with nothing less than the future of the european payments and securities market. we will discuss new technologies, new competitors and new payment solutions – and the need for stakeholders to adapt to the challenges ahead. over the next two days, we will be discussing the interesting and important issue of how to create a viable, future - proof payment market for us and for our single currency – the euro. having been born in 1999, the euro itself belongs to generation z, a group often characterised as digital natives. unlike the rest of us, they didn ’ t have to learn how to use technologies such as the internet and smartphones because they have never known anything different. members of generation z often refer to themselves as innovative. success in business now and in the future requires an understanding of the important role innovation plays for generation z and those that come after them. how does this translate into the world of payments? what are the expectations for innovative payments in europe? what can we as a central bank do to facilitate payments innovation at a pan - european level? these are some of the questions that will be tackled at this conference. our aim is to discuss and foster a joint understanding of the challenges ahead and the solutions to work towards. this is why we have brought together both our more established counterparts and new market actors from fintechs and start - up companies. running in parallel to the conference – and fitting to the theme of innovation – we have organised the ecb instant payments challenge and a hackathon. the ecb instant payments challenge offers a vibrant marketplace for providers to present prototypes of their innovative end - user solutions for instant payments. at the hackathon, developers and experts