In a speech at a luncheon for African Central Bank Governors given on 23 September Anne Krueger of the IMF said that achieving macroeconomic stability is a prerequisite for durable growth. It is not, of course, enough. From my contacts with African policymakers, I sense a widespread appreciation of the role that the private sector must play in successful economic development. But this cannot happen if markets are not allowed to operate.

To read past central bank speeches use our Speech Finder