I believe the answer here is to ensure that monetary policy has a symmetrical effect over the whole of the economic cycle: in a downturn, policymakers must respond vigorously, but in an upswing, they must also be able to tighten the reins again as needed – regardless of the impact this might have on governments’ funding costs, for example.
*  *  *  On behalf of Bank of Uganda (BOU) I wish warmly to welcome you all to this workshop which is focusing on Risk Management. This workshop has been organised to provide an opportunity for Board members to enhance their understanding of Risk Management in the operations of the Bank.