China is also competing with many of the international lending agencies for the attention of many West African countries, where access to less complicated loans are becoming attractive. Regional economic units are looking to each other and to their central banks for balance of payments support rather than to international institutions.
Also private credit markets are now accessible to central banks and to governments in a way which did not obtain in the past. Economic modeling and monetary policy All of these developments have impacted on the way in which central banks do business.