Hence, the main lesson I would draw from the recent events is that strong public intervention is necessary on those occasions when markets fail to work properly. This should not be confused with a wide and pervasive intervention in the markets as public authorities used to do in the past.
It was indeed pleasing for Governors to note that the Bank of Uganda had already signed an MOU with other domestic financial sector regulators in Uganda. Other MAC Governors were therefore urged to implement a similar arrangement with their respective domestic regulators by June 2010. This is to demonstrate that collaboration amongst domestic regulators is in line with regional aspirations.