Secondly, realising, as one should, that even though the global depression started as a financial crisis, it has now become an industrial crisis, the IFP criticises the Medium-Term Budget Policy Statement's failure to make the required structural adjustments to create a new and globally competitive industrial basis and to cut on chronic government-created industrial problems. The depression should have given the impetus to abolish the entire system of exchange controls - which serves no purpose at this country's stage of development; to introduce the flexibility of the labour market which government has been talking about since 1998; and to reform the underperforming parastatal sectors.