The money supply would have shrunk. The ensuing collapse in aggregate demand would have put downward pressure on prices. A Great Depression scenario could have occurred. The same scenario could materialise at local level in case of fear that countries could leave the euro, and severely hamper our ability to deliver price-stability.
For these reasons most African economies have not suffered systemic failures in their financial systems as a result of contagion from the global crisis not have they been forced to adjust to sudden stops in their capital accounts through draconian expenditure reduction.