On the contrary, they lay in the weakness of the political decision-making process for the incentives and sanctions system and in a preventive effect which was too modest. Consequently, as the European Commission20 also found – the governments’ medium-term stability programmes systematically overstated growth and hence budgetary developments, in other words, opportunities were overestimated and risks underestimated.
With these remarks, ladies and gentlemen, it is my honour and duty to once again welcome you all to the Kenya School of Monetary Studies, and to our international guests, we feel very honoured to host you. I now wish to invite the Chairman of AFRACA to give his remarks. Thank you. 2  BIS central bankers’ speeches