Mr Speaker, the most recent crisis in the eurozone, particularly in Greece, could have far-reaching ramifications, including the total collapse of the euro and a very possible resultant worldwide recession.
Britain has already acknowledged as much when its Prime Minister recently said that there was a distinct possibility of another "global economic storm" brewing if recent eurozone events are not contained. He went on to say "... it is in our interest to help others confront that global storm."
Our own Minister of Finance expressed similar sentiments when he stated that, "The impact of the eurozone crisis on the world economy is severe and an increasingly dominant concern for policy-makers" and that a global response is required.
The Reserve Bank Governor, Gill Marcus, took a more conservative approach, stating that South Africa could play a role in assisting the eurozone out of its crisis. Either way, South Africa must ensure a high state of readiness in respect of countering and containing a second possible and immimemt global recession.
It is common cause that we are fast becoming an interdependent one-world economy. We should, therefore, all be contributing to the stability of the system, more especially with regard to ensuring the resilience of our own domestic economy. I thank you.