Perhaps this is because the structure of the European model - the only successful example - requires convergence as a pre-requisite. As I mentioned earlier, in many respects, Asia is much more heterogeneous than Europe, so that convergence realistically will take time, even if there is agreement to converge. But my view is that since it takes so long - 50 years in the case of Europe - we’d better start at least the thinking process early, hadn’t we? And we can also afford to be imaginative if it is something that aged people like us won’t see in our lifetime. The flexibility of Asia is well recognised. We only have to look at how individual economies bounced back after the Asian financial crisis. Perhaps they are flexible enough for convergence to be forced onto them by just plunging in. And to ease the way, how about an interim arrangement that provides intra-regional exchange rate stability through hard pegs to a synthetic, floating Asian currency unit? Perhaps the International Centre for Banking and Monetary Studies has wise observations to offer. I myself have found it difficult and a little frustrating to go beyond articulating the problems and the unsustainable nature of Asian finance, raising interests and asking questions. China Let me now turn to China. I notice that there is considerable interest in the international financial community in the banking and monetary developments there.
In Africa, new stock markets have been established in countries such as Ghana, Malawi, Swaziland, Uganda, and Zambia. Stock market development has assumed a developmental role in global economics and finance following the impact stock markets have exerted in corporate finance and economic activity. Stock markets enable firms to acquire much needed capital at relatively lower cost, hence facilitating capital allocation, investment and growth. The stock market also plays a resource mobilisation role by encouraging savings through the purchase of equities that meet investors risk preferences and liquidity needs. On the important role of stock markets in financing development, it is noteworthy that some studies undertaken by the IMF have shown that the stock markets have contributed to the financing of the growth of large corporation in certain African countries such as Ghana, South Africa, Zimbabwe and Mauritius. It is therefore imperative for African countries to develop this avenue of financing development to enable companies to raise capital at relatively lower cost. Furthermore, the development of a well functioning stock and capital market can help Africa access long-term debt in local currency thereby providing much-needed financing for the constantly growing infrastructure needs in the African continent. Developing national and regional bond markets and secondary capital markets in general can also help in channelling excess banking sector liquidity into productive sectors. (d)  Natural resources  There is little doubt that natural resources in Africa will continue to play a significant role in Africa’s development efforts.