Working Paper 100 - Financial Sector Policy Reforms in the Post-Financial Crisis Era: Africa Focus

This policy-oriented paper presents and rationalizesshort-term policy responses to current crisisand long-term regulatory and financialreforms for post-crisis Africa. The analysis isconducted in the following sequence. It presentsreversals of gains in economic and financialsector performance that are bound to occuras a result of the damage stemming from theglobal crisis. For the short term, it discusses therole of African global partners in coping with theimpact of the crisis, and Africa’s positioning inthe moving-forward of global financial reforms.It then keys on Africa’s own responsibilities andcatalogues a series of long-term reforms to mitigatethe severity and frequency of future crisesin Africa and/or the impact of crises comingfrom outside Africa. It concludes with a call forcontinuing engagement with market-orientedreforms and globalization, and resistance to thetemptation for policy reversals, while adoptingthe long-term policy reforms catalogued in thepaper.