The inflation rate in the euro area has been at an unprecedented low level by historical terms in the first 10 years. Key to the success of the ECB has been its high level of credibility in safeguarding price stability in the euro area.
This holds even more when we consider that many parts of the Basel agreements are implemented not only by the members of the Committee like South Africa, but by over a hundred countries worldwide. These include many other African countries, of course – countries as diverse as Kenya, Malawi, Egypt, Nigeria and Mozambique, to name just a few.