As issues have developed throughout the financial crisis and the recovery, I have had more than a few occasions to be grateful for the deep understanding of how banks and bankers react to various external conditions that I gained from all those simulations.
It is, therefore, axiomatic that the success of the EAC monetary union will depend on the establishment of the EAC currency and single monetary policy; sustainable macroeconomic convergence among the Partner States; and a balanced policy mix between fiscal, monetary and other economic policies. The strategic framework should therefore provide for a mechanism for monitoring and coordinating Partner States' economic policies to promote convergence.