8. Several economic and financial experts continually attempt to analyse and pre-empt the policy actions of the CBN. To the extent that these endeavours are based on rational expectations, we wholly welcome the effort. Notably, some of their conclusions are incongruent to ours.
At the national level, there was high public debt and a lack of competitiveness in those countries that are now at the centre of the crisis. At the European level, there were weaknesses in the institutional framework of monetary union. But if most observers agree on the diagnosis of the crisis, why can’t they agree on the appropriate therapy?