These may well be valuable lessons for further economic and monetary integration in Africa. But that is only part of the story. As you may well imagine, there is an all-too-easy storyline of first identifying structural flaws and then invoking a comprehensive reform. 3/5  BIS central bankers' speeches  There are two obstacles I wish to address in that context.
Second, conditionality enhances the independence and the effectiveness of our monetary policy. The reason is that conditionality is a necessary but not sufficient condition to activate OMT. We would only act if the right conditions for effective use of this monetary policy instrument were in place.