These risks in the advanced economies are compounded by: (a) the large increases in the fiscal deficits and the public debt; (b) the adverse demographic prospects due to population ageing; and (c) the assessment that a return of potential growth and employment to their pre-crisis levels should not be expected soon.
The Bank of Uganda was requested to take the lead and co-ordinate these efforts and the Executive Director Operations chairs the Financial Markets Development Committee for the region.