Conclusion Ladies and gentlemen, it is important to “focus all efforts on preventing inflation,” as Ludwig Erhard wrote in his book “Wohlstand für alle” in 1957. It is in line with this principle that the Bundesbank has done its utmost to ensure price stability over the last 60 years.
Furthermore, several fundamental economic trends in sub-Saharan Africa are a growing source of vulnerability. Current account imbalances are rising in a majority of the continent’s countries, which are largely non-resource exporters, and contributing to a rising trend in external liabilities relative to GDP. Government budget deficits remain fairly high, pushing public debt ratios higher.