M. Swilling and F. Reimer | The Transformation of South Africa’s Monetary Architecture, 1983-2024

Mark Swilling (Distinguished Professor at Stellenbosch University and Leader of the Finance Task Force of the National Planning Commission (NPC) of South Africa) and Friederike Reimer (Global Climate Forum, doctoral researcher in the OBFA-TRANSFORM research project) give a presentation at the workshop “Monetary Architecture. Mapping the Web of Interlocking Balance Sheets in Times of Change”, held at the John F. Kennedy Institute for North American Studies of Freie Universität Berlin on 12 June 2026. Presentation “The Transformation of South Africa’s Monetary Architecture, 1983-2024” 00:14 | Introduction 00:25 | ------ The National Planning Commission (NPC) 00:58 | ------ Background of the NPC Report on South Africa’s monetary architecture 03:31 | ------ Research process to investigate South Africa’s monetary architecture 05:06 | From 1983 to 2024: Five overarching themes in the NPC Report 05:07 | ------ Key historical developments 09:21 | ------ Mapping balance-sheet relationships 10:50 | Snapshot 1: South Africa’s monetary architecture in 1983 11:17 | ------ Segregated fiscal system during Apartheid era 12:28 | ------ The Minerals Energy Complex 13:48 | ------ Inequality and racial segregation 14:56 | ------ Financial controls 16:18 | Snapshot 2: South Africa’s monetary architecture in 1996 16:43 | ------ Financialization and globalization 17:36 | ------ Persistent inequality 18:10 | ------ Keynesian influences and neoliberalization 19:13 | ------ Fiscal integration 19:34 | Snapshot 3: South Africa’s monetary architecture in 2014 19:54 | ------ Consolidation in the banking sector 20:34 | ------ Growth of non-bank financial institutions and shadow banking 20:54 | ------ Little financial flows into SOE sector despite developmental state narrative 21:35 | Snapshot 4: South Africa’s monetary architecture in 2024 21:50 | ------ Consequences of state capture 23:28 | ------ Low growth and investment 24:12 | ------ Regional integration and geopolitical developments 25:18 | ------ South Africa remains world’s most unequal country by income distribution 25:59 | Conclusion 26:00 | ------ What can we learn from this historical-institutionalist approach for policy making? 28:28 | ------ The way forward: Negotiating balance sheet reconfigurations for a Just Transition Related work: ‘The Transformation of South Africa’s Monetary Architecture, 1983-2024’ (Mark Swilling and Steffen Murau), Report for the National Planning Commission of South Africa, https://www.nationalplanningcommissio... Subscribe to    / @obfa-transform   for more videos! Produced by Fanny Chaltiel and Paul Stichler.