The second concerns the “long and variable lags” of the monetary transmission process. Credit dynamics are especially relevant in this respect. On a 3-month (annualised) basis, the growth of loans to firms in the euro area was virtually nil in December (0.3 per cent) from an almost double-digit expansion in October (9.8 per cent and 4.5 in November).
The meeting of Governors of Central Banks in Kampala decided on a comprehensive study of the East African Monetary Union whose major objectives were: i)  To take stock of the current state of preparedness of the EAC Partner States for a Monetary Union.