Every major economic crisis has its victims. Some bounce back, while others experience long-lasting, even permanent, damage. When it comes to the global crisis that erupted in 2008, output growth has been a resilient victim. Central bank independence, by contrast, has been undermined severely – and possibly forever.

Much of the hype surrounding the G20 finance ministers and central bank governors’ meeting held on February 15-16 in Moscow, the Russian Federation, was dedicated to so- called “currency wars,” which some developing-country officials have accused advanced countries of waging by pursuing unconventional monetary policies. But another crucial issue – that of long-term investment financing – was largely neglected, even though the endgame for unconventional monetary policy will require the revitalization or creation of new long-term assets and liabilities in the global economy.

Much of the hype surrounding the G20 finance ministers and central bank governors’ meeting held on February 15-16 in Moscow, the Russian Federation, was dedicated to so- called “currency wars,” which some developing-country officials have accused advanced countries of waging by pursuing unconventional monetary policies. But another crucial issue – that of long-term investment financing – was largely neglected, even though the endgame for unconventional monetary policy will require the revitalization or creation of new long-term assets and liabilities in the global economy.

In the first issue of this magazine, I have attempted to present the political economy of policy making in Africa and the implication of that for private sector development in the continent. This was based on a recent study by the United Nations Economic Commission for Africa (UN ECA) study. In this issue, I will finalize the commentary by highlighting the empirical evidence about the implications of policies designed in such a manner on private investment in the continent using the same study. The ECA study is an attempt to examine the impact of macroeconomic policies and investment climate for private investment in Africa. Based on this analysis, the study attempts to draw lessons so as to come up with policy implications that could help to strengthen the role of private investment in Africa As I have noted above, the ECA study commenced by showing that macro policy in Africa is generally informed by the political economy of policy making which I have briefly summarized in the last issue.

Applying some form of regulatory measure on the activities of businesses is always one of the major concerns of every nation. This is critically important to regulate the economic, social and political life of their citizens. Among the forms of regulatory measures, licensing is the most common instrument.

Business licenses are permits, issued, inspected and revoked by government agencies, that allow individuals or companies to conduct businesses within their jurisdiction. This doesn’t, however, mean that business licensing is a standard requirement in every nation.

Protocol and Etiquette

In contemporary world, thorough knowledge and use of proper manners is essential for establishing good relationships at all levels of interaction. Although standards for proper behavior have existed since the beginning of time, protocol and etiquette are the means by which good relationships are maintained and accomplished by implementing these conventional standards.