PRETORIA (Reuters) - South African Finance Minister Pravin Gordhan said on Wednesday local banks remained fairly stable in the face of Europe's debt woes and did not need the level of regulatory reform required elsewhere.
But Gordhan told a media briefing ahead of this weekend's G20 summit in Toronto that Africa's biggest economy would have to look for other trading partners, as existing key markets were likely to be impacted by the present crisis.
Gordhan said one challenge facing the G20 meeting was how to return to a coordinated effort in grappling with the crisis without undermining global economic growth. The meeting should however not prescribe a uniform formula for all countries.
"We believe that while there has to be coordination there doesn't have to be uniformity. South Africa, together with Canada, Australia, India to a point -- have a common belief that our banking systems and financial systems are fairly secure," Gordhan said.
"We don't have to impose the same levels of capital liquidity and other forms of strictures on our banking and financial systems as the rest of the world has to".
