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The Africa economy is as diverse as the region. The southern parts are prosperous whereas the other parts struggle for stability. African economy is an extreme one, however, due to the presence of natural resources, has the potential to grow at a fast pace.
The global crisis changed the face of monetary policy. Central banks deployed new tools to counter the effects of the crisis, which have reduced the risk of deflation, stabilised the financial system and calmed financial markets; but potential negative side effects remain. Two weeks ago, the IMF organized a major research conference, in honour of Stanley Fischer, on lessons from the crisis. Here is my take. I shall focus on what I see as the lessons for monetary policy, but before I do this, let me mention two other important conclusions. Read more
Stephen S. Roach,
Mohamed A. El-Erian,
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