As has long been recognised, going back to the literature on optimal currency areas8, there is also an important interaction in a monetary union between fiscal and structural policies at the national level. If an economy has resilient product and labour markets and adjusts more quickly to shocks, there is less need for expansionary fiscal policies.
It is also my pleasure to greet every one present today and to welcome for the first time the Alliance for Financial Inclusion, represented by its Executive Director. 2. These meetings were started not a moment too soon, in 2013, resumed in 2015 and today we gather to open the third.