As the leader of all leaders, the political leadership is very vital in achieving the total transformation of the economy as seen in the case of the East Asian Economies that were able to transform over a space of fifty years from minor to major players on the world economic stage. 27.
Against this backdrop, I support calls for a broad review of the ECB’s strategy, which should have as one of its main aims the widening of our policy scope. The challenges I have outlined in this talk warrant a discussion on the merits of increased flexibility in the face of external shocks.