National Assembly Cape Town: Thursday, 3 November 2011
The most recent crisis in the eurozone 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 is a distinct possibility of another
"global economic storm" brewing if recent eurozone events are
He went on to say, and I quote, "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 took a more conservative approach stating that South
Africa cannot play a role in assisting the eurozone out of its
Mr Speaker, either way South Africa must
ensure a high state of readiness in respect of countering and
containing a second possible and imminent 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.
I thank you.
Mr Narend Singh MP
083 448 4896