Such action requires an institutional setting that allows for a dynamic process where problems are identified, on the one hand, but also effectively addressed, on the other. In doing so not only government failures have to be dealt with, but also market failures, such as large externalities, that require government action. The list of possible binding constraints is virtually endless.
Sarah Alade: Promoting inclusive growth and transformative development in Africa Welcome address by Dr Sarah Alade, Acting Governor of the Central Bank of Nigeria, at the Caucus Meeting of African Central Bank Governors on “Industrialization For Inclusiveness and Transformative Development in Africa”, as part of the 7th Joint Annual Meeting of The AU Conference of Ministers of Economy and Finance and ECA Conference of African Ministers of Finance, Planning and Economic Development Sideline, Abuja, 27 March 2014.