earners notably tea, horticulture and tourism exports are to the eu region. the government has already intensified efforts in the eac region to renew the epas. the diversification in kenya ’ s export products and external markets is expected to moderate any adverse effects of external shocks on exports. a significant share of kenya ’ s exports, about 40 percent, is exported to africa, and these economies are not dominantly reliant on commodity exports. we are also closely monitoring the impact of the recent elections in the u. s. on trade given that the u. s. accounts for about 7 percent of kenya ’ s total exports ; largely through the african growth and opportunity act ( agoa ) framework. before i conclude, i would like to reiterate that the cbk is strengthening the banking sector to ensure greater transparency and stronger governance, and also to promote effective business models and innovation. as you may be aware, the financial sector continues to support the transformation of our economy, and to contribute to economic growth. the cbk is closely monitoring the impact of the recent legislation to cap bank interest rates on the economy, while implementing additional measures to lower the cost of credit on a sustainable basis. these measures include promoting innovation in the banking sector leveraging on ict, and strengthening the credit reference bureaus to provide for a credit scoring framework. finally, ladies and gentlemen, allow me once again to applaud genafrica asset managers limited for organizing this forum. thank you!

. but how? today you have been informed that it is the end of austerity and of a number of reforms which have been too painful for the greek people. there are certainly different ways of carrying out the reforms. but that does not obviate the need for them. greece is still financing itself thanks to european money. the country needs to become independent again. bis central bankers ’ speeches are you, benoit cœure, as someone at the european central bank, able to say that it is the end of austerity in europe or at least in certain countries that have been practising austerity? you know, austerity is a very generic term. each country does it differently. some countries are not reducing their deficit at all or only reducing it by a little, with france being one of them, while other countries have done a lot. there is room for other policies, provided that they comply with the rules of the european game. and what if mr tsipras says “ i ’ ll stay in the euro area, but i won ’ t pay ”? if he does not pay, it constitutes a default and, as such, is in breach of the rules of the european game. meanwhile, do you think that all aid to greece should be frozen or suspended? as a result of loan maturity dates? europe is in a process of dialogue and cooperation with greece. that ’ s what i said earlier. it is necessary to help them. it has to work, which is why the negotiations and discussions are about to start. and you say that mr tsipras has no choice but to involve brussels, adhere to what the ecb wants, and honour the natural commitments of a greek government. because europe is a community based on the rule of law. it is co - owned. we manage a single currency together. there are european laws, and what greece does has an impact on other countries, such as portugal, spain, ireland, france or germany. could there be a chance or risk of contagion in the countries you refer to : spain, portugal, ireland? i don ’ t think so, because the financial markets understand very well that the situation is different, and also because the decisions of the european central bank itself, the decisions that we have taken, ensure financial conditions that will be very protective for the rest of the euro area. but, what do you mean, or what do you want to indicate, when you say that