A number of oil producing countries on the African continent, too will need to adjust to the falling oil prices and declining fiscal revenue by cutting fiscal expenditure and possibly raising taxes. The risk of sovereign downgrades, on the back of deteriorating fiscal and external balances could also extend to the corporate sector and may spill over to vulnerable non-oil producing countries.
To support a timely identification of emerging financial stability risks and to explore the possible policy options to pre-empt the build-up of risk and to ring-fence the financial system if risks from crypto-assets become significant, a strengthening of the analysis of the crypto-asset market structure is necessary.