Many countries in Africa seemed to have finally turned the corner, with their growth rates boosted by high demand for commodities. Global poverty was in retreat. There were reductions in civil conflicts. The democratic deficit decreased. There were improvements in governance. Changes in macroeconomic management and the policy environment held out hopes of fast and sustained growth.
This is an issue I’m happy to address. However, before doing so, let me first say a thing or two about complexity in the financial system. How should we treat complexity? Let me start by stating the obvious. A solid financial sector is crucial to the functioning of our economy.