Conclusion To conclude, the euro area has learned that the original design of EMU was incomplete, and is now working hard to complete it. For various reasons, the euro area is not in a position to adopt in the near term the institutions of a political federation.
•  The external sector continued to flourish as a result of improved competitiveness and gains from liberalised current and capital accounts in the country. Significant pressure on Uganda’s external sector obligations were lifted by the debt relief under HIPC and the Multilateral Debt Relief Initiative (MDRI) Programmes.