May I also take this early opportunity to welcome our distinguished guests from all over the world to this beautiful land of Kenya, which enjoys a diversity of stunning and captivating landscape, wildlife and culture? I kindly urge you to take part of your time during your stay to enjoy this diversity and to always come back to enjoy it.
Critics of our monetary tightening must also note that our degrees of freedom were curtailed by the loose fiscal stance of the government during 2009–12. Had the fiscal consolidation been faster, it is possible that monetary policy calibration could have been less tight. 27. And now let me respond to the criticism that monetary policy is an ineffective tool against supply shocks.