As time passed, a gradual deterioration in some EMEs macrofundamentals, in combination with some major events in AEs that periodically switched the risk-on to off, and vice versa, (such as the problems with Greece and other countries in the periphery of the Eurozone, the possibility of a fiscal cliff in the United States, the “whatever it takes” statement by Mario Draghi3) have made capital flows to EMEs increasingly volatile (Figure 8).
Sanusi Lamido Sanusi: Increasing women’s access to finance – challenges and opportunities Paper presented by Mr Sanusi Lamido Sanusi, Governor of the Central Bank of Nigeria, at the Second African Women’s Economic Summit, Lagos, 13 July 2012. *  *  *  Prepared by the Research Department of the Central Bank of Nigeria.