The specifics of the debate vary but the basic issues are similar. In the US, the debate is over the trade-off between short-term fiscal stimulus and long-term fiscal consolidation. In the euro area, the question is about the shared benefits of a monetary union without the shared responsibilities of a fiscal union.
On behalf of the Central Bank of Kenya which is co-hosting this Forum with AFRACA, let me extend a very warm welcome to all delegates to Kenya and in particular to Mombasa, a spectacular tourist town. It is my sincere hope that you will enjoy your stay in Kenya and will also find time during the Forum or after to sample Kenya’s tourist attractions.