The way forward  If it is not desirable or feasible, at least in the current times, to move to a full fiscal federation – or a transfer union as it is called in Germany – like the US, how can the current system be made more resilient, in particular in the face of asymmetric shocks?
CLOSING ADDRESS DELIVERED  BY  MR. MILLISON NARH  FIRST DEPUTY GOVERNOR, BANK OF GHANA  AT 2017 CONTINENTAL SEMINAR OF THE ASSOCIATION OF AFRICAN CENTRAL BANKS (AACB) AT MOVENICK AMBASSADOR HOTEL ON MAY 05, 2017  The Executive Secretary, AACB, Colleague Central Bankers, Distinguished Guests, Ladies and Gentlemen,  Introduction  1.