Emerging and developing countries were also somewhat less exposed to the excessive leverage and risk-taking that was at the root of the 2008-09 global financial crisis, and their resilience during that period (which also reflected countercyclical fiscal and monetary policy) resulted in a further upward shift in their relative share in global output and gave the momentum of the world economy a crucial boost.
Njuguna Ndung’u: The importance of information sharing and collaboration among financial sector supervisors Remarks by Prof Njuguna Ndung’u, Governor of the Central Bank of Kenya, at the launch of the Kenya Commercial Bank Supervisory College, Kenya School of Monetary Studies, Nairobi, 3 October 2012.