Indeed, in addition to favorable external environments, more prudent macroeconomic policies are clearly one of the key factors behind impressive growth performance of Africa in recent years. BIS Review 17/2007  1  •  As in Europe, there also seems to be an increasing underlying policy will to drive the integration process forward.
These public sector efforts are mirrored by regional meetings held by leading members of the private sector. Surveys of international financial regulators, as well as my own conversations with many of them, also have demonstrated that a recognition of the problem has been increasingly translated into concrete plans and actions, many of which have gathered momentum in the last six months.