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50 Years of Central Banking in Kenya$
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Patrick Njoroge and Victor Murinde

Print publication date: 2021

Print ISBN-13: 9780198851820

Published to Oxford Scholarship Online: April 2021

DOI: 10.1093/oso/9780198851820.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use.date: 16 May 2022

Evolution of Central Banking

Evolution of Central Banking

Some Observations

(p.68) 5 Evolution of Central Banking
50 Years of Central Banking in Kenya

Federica Branca

Ixart Miquel-Flores

Francesco Paolo Mongelli

Oxford University Press

This chapter provides some observations regarding the evolution of central banking. It is noted that the practice of monetary policy and the scope of central banks have changed over time. The chapter reflects on the path to East African Economic and Monetary Union (EA-EMU). First, how does East Africa stand in terms of economic and financial convergence? Second, what are the milestones of central banking that all central banks of the EA-EMU should master? Third, which monetary lessons could the euro area offer? Fourth, what worked, and has not, in the euro area, what is being fixed? It is noted that East African countries have differences in income per capita, exchange rate volatility, domestic prices, and fiscal discipline. To support sustainable convergence, they should align their monetary policy frameworks and have solid fiscal arrangement.

Keywords:   East African Economic and Monetary Union, monetary policy, monetary integration, financial convergence, exchange rate volatility, monetary policy framework, fiscal discipline

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