The second pitfall is that we’re so afraid of reacting too late, that we respond too soon. How can we avoid both these traps? I believe there are two preconditions that we must meet. First, we should protect the independence of central banks in monetary policy matters, in all circumstances.
Njuguna Ndung’u: Strategies to increase the popularity of microcredits Introductory remarks by Prof Njuguna Ndung’u, Governor of the Central Bank of Kenya, during the official opening of the Africa-Middle East Microcredit Summit, Nairobi, 7 April 2010. *  *  *  Your Excellency Hon.