However, this rules-based framework, which is built  BIS central bankers’ speeches  3  on peer-pressure, was not sufficient to ensure a smooth functioning of the monetary union. This calls for a more pronounced transfer of sovereignty to the European level and the move towards a fiscal union.
It is in this context that the 16th East African Central Banking Course, which Bank of Uganda is happy to host, has been organised. I am confident that the programme provides you a unique opportunity to gain a more comprehensive understanding of central banking.