Central banks and the challenge of development

The BIS has published papers presented at a special meeting of central bank governors held in Basel, 14-15 March 2006. For the first time in more than 30 years, there has been a marked revival of growth in much of Africa, and inflation has been brought under control in a large number of African countries, the meeting noted.

The informal discussions among governors at this meeting underlined a good deal of common ground among central banks in developing countries. Even where countries had made

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