Throughout the five years of its existence, the ECB has stated that a strong euro is good for a strong Europe. I would now like to add that a strong Europe is good for a strong euro.
At a micro level, some exporters are reportedly already finding it hard to obtain trade credits from abroad which could cripple the export sector that has to contend already with falling foreign demand. The above concerns provide an opportunity for central banks in Africa to strengthen their regulatory capacity by setting up financial stability units as well as the required capacity.