This resulted in a stop-go nature of the fiscal policy with frequent "packages". When the first oil crises came in 1973 Denmark had already experienced a deficit on the  4  Cf. Beier, N. C. and Pedersen, E. H. (2005a), Wages, Competitiveness and the Balance of Payments, Danmarks Nationalbank Monetary Review, 1st Quarter, pp. 43-60. 5  Cf.
The new and stringent regulatory requirements imposed by jurisdictions such as the US and European Union on their banks have meant that these international banks are doing less business within Africa, opening up an opportunity for larger African based banks to enter new African markets. The integration process is however slow and not without its challenges, as I will elaborate on shortly. 3.