During the crisis, some international banks turned out to be fair-weather friends, downsizing, retrenching, or even closing when African economies were at their most vulnerable. Others, based in international money centres, withdrew or reduced trade lines. Local banks, including central banks assuming their developmental role, stepped smartly into the breach.
An increase in aggregate demand − by supporting labour market conditions, which are still uneven between euro-area countries, and by strengthening wage growth − could facilitate a rise in inflation towards levels consistent with the price stability objective.