Because monetary policy affects private sector expenditures, which constitutes the vast bulk of spending in a market economy (approximately 88 percent of total final expenditure in the Ugandan economy is by the private sector), it is particularly  BIS central bankers’ speeches  1  important for macroeconomic stability.
In addition, it will be important, in the current phase of strengthening economic growth, for wages to continue, on average, to grow at rates compatible with the objective of price stability. This, together with structural reform in the labour market, will be important to sustain the process of non-inflationary growth and to reduce unemployment in the euro area.