Daniel Mminele: Emerging market economies in a new global cycle

Remarks by Mr Daniel Mminele, Deputy Governor of the South African Reserve Bank, at the 9th Annual Conference, organised by the Central Reserve Bank of Peru and the Reinventing Bretton Woods Committee, Cusco, 24 July 2017.

Ladies and gentlemen, good afternoon.

Let me start by thanking the Central Reserve Bank of Peru and the Reinventing Bretton Woods Committee for the opportunity to participate in this conference on the highly relevant topic of how a changing global economic cycle might impact emerging market economies.

The near-decade since the global financial crisis has brought with it an unprecedented financial environment for emerging countries. The financial characteristics of this evolving cycle of globalisation as well as the challenges and benefits it poses to emerging market economies indeed deserve our attention, especially against the background of an environment in which the benefits of multilateralism are being questioned by some, when in fact the role of international institutions and regional financial cooperation should be intensified.