The securities often made use of leverage and contained layers of derivatives on top of various types of assets; assets that were packaged and repackaged, sold and resold, in a myriad of forms. In this complex process, transparency about the underlying credit was often lost.
Stage II (Year 2004-2009) -  Harmonisation and co-ordination of macroeconomic and monetary policies. -  Harmonisation of Concepts and Methodologies including statistical frameworks. -  Gradual liberalization of the capital account. -  Gradual interconnection of payments and clearing system. -  Fostering the development of Banking and Financial Systems, including promotion of African banking networks.