Financial policies should also have played a counter-cyclical role. The buffers that would have resulted from lower public debt and stronger capital in the banking sector would have put the converging economies on a much sounder position to face the financial storm.
Ladies and Gentlemen, as you may recall, the idea to have a focused regional initiative on Mobile Phone Financial Services (MFS) platform in Africa, was initiated right here in Zanzibar during the first African Financial Inclusion Policy Forum held in March 2012.