One is the aggressive measures implemented by governments and a decline in tax revenue associated with economic deterioration after the onset of the financial crisis. The other, which applies to some countries in the euro area, is the weakening of fiscal discipline amid favorable issuing conditions of government bonds brought about by the introduction of a common currency.
Conferences such as this one present a unique opportunity to share experiences, and transfer skills and knowledge among African central banks, as it brings together central banks with private-sector players, and development institutions, a uniquely powerful combination. I understand that the conference is the culmination of two years of work involving members of the East African Community.