Southern Africa may have escaped the worst of the direct effects of the global financial crisis, so far, SA Reserve Bank economist Monde Mnyande said on Monday.

However, stronger banking regulations in southern Africa were needed, he said in a speech prepared for delivery at a seminar at the Central Bank in Pretoria.

"The issue of crisis readiness and the strengthening of financial stability mechanisms are high on the list of priorities among central banks in the region," he said.

The Reserve Bank's seminar - attended by Central Bank officials in southern Africa - is entitled "Strengthening Financial Stability
Arrangements" and will run until March 19.

"There is a lot that needs to be studied from the mess up of others," Mnyande said.

"Misdeeds by the major financial markets and institutions observed in the recent past, as well as the techniques and/or methodologies that can be applied in identifying potential weaknesses in the financial system, will be thoroughly covered in the various presentations."