Equally important are price stability – as a clear overriding objective – as well as central bank independence and credibility. Let me elaborate on these principles and on how they have supported the ECB’s monetary policy in recent times. Independence is essential for central banks, particularly in periods of sovereign funding stress.
Africa’s total share in the global export market of goods and services stood at a paltry 1.8% in 1998 compared to Asia’s 8.1% or the United States’ 13.8%. This means that Africa has a long way to go to improve its 2  BIS Review 107/1999  contribution to world trade by improving its productivity capability, competitiveness and harnessing of technology and skills. 5.