, moderate upticks which peaked at 1. 9 percent quarter two of ended that recession. however, the argentinian economy shrank by 4. 0 per cent in quarter two of 2018, bringing the country to the brink of another recession. 39. the brazilian economy had been in recession since 2015 and only emerged from it the first quarter of 2017 with a growth rate of 1. 0 percent. since then the growth has slowed progressively until the last quarter of 2017 when growth remained flat. however, the economy is gradually rebounding and has recorded 0. 1 and 0. 2 percentage growth rates in the first and second quarters of 2018. 40. given rising yields in advanced markets, capital outflows from emerging markets have increased tremendously. this has led to substantial exchange market pressures in many emerging markets with fx reserves falling about 25. 2 percent in argentina, 9. 6 percent in turkey, and 2. 1 percent in south africa since the beginning of the year. also, significant currency depreciation was recorded in argentina ( by 101 percent ), turkey ( 43 percent ), brazil ( 19 percent ), russia ( 19 percent ) and india ( 16 percent ) ; even as the naira remained stable. ( -. 006 % ) currency against the us dollar argentina turkey brazil india indonesia russia nigeria - 125 % - 100 % - 75 % - 50 % - 25 % 0 % 41. as a matter of fact, a recent bloomberg data on financial market performances shows that nigeria bond market remains one of the most attractive investment destinations - in the bloomberg ’ s emerging - market local - currency government bonds index, which covers major emerging markets such as nigeria, south africa, argentina, china, and russia, in the 2nd quarter of 2018, nigerian local bonds topped the chart with an average total return of 3. 2 % in dollar returns ( the index covers nigerian government bonds with maturities from 2019 to 2037 ). the total return is a combination of the price changes in the bonds over the 2nd quarter of 2018, the interest returns and the changes in the currency. 42. nigeria's dominance over this period was due to the stability of the i & e fx rate and the yields being high by emerging - market standards. investors are also sure that they can exit their positions if they want, which has been crucial in driving other investors into the market. outlook and policy thrust for 2019 43. global growth projections both for 2018 and 2019 have been revised downward to 3. 7 percent

joseph o sanusi : ongoing efforts towards a monetary union in the west african sub - region speech by dr joseph o sanusi, governor of the central bank of nigeria, at the mefmi central bank governors forum, bank for international settlements, basel, 30 june - 1 july 2003. * * * fellow governors, members of the diplomatic corp, distinguished delegates, ladies and gentlemen, introduction i am pleased to be given the privilege to brief governors about on - going efforts to move towards a monetary union ( establishment of a single central bank and introduction of single currency ) in the west african sub - region. i thank the organisers and the bank for international settlements ( bis ) for hosting the forum. in recent years, especially following the emergence of the euro as the single currency of the european union, there has been a renewed and growing interest globally in fostering economic and monetary integration as a means of facilitating economic growth and development of the integrating entity. the benefits of a monetary union are expected to include : · enhancement of the payments system for goods and services in the sub - region, thereby promoting trade ; · creation of a larger regional market and widening of business / trade - related income - earning opportunities for the citizenry for improvement of their standard of living ; · facilitation of unhindered movements of persons and labour in the sub - region through dismantling of barriers, thereby strengthening cultural, economic, social and political cooperation ( common central bank, judiciary, parliament, etc ) ; · creation of a more favourable environment for collective pooling of resources for development of essential regional infrastructure ; · enhancement of economic competitiveness, derivation of economics of scale, and reduction in transactions costs. in order to hasten the realisation of afore - mentioned economic, political and social benefits, the authority of heads of state and government of the west african sub - region agreed to the establishment of the economic community of west african states ( ecowas ) comprising 15 countries in 1975. ecowas, in 1987, adopted ecowas monetary cooperation programme ( emcp ) with the specific objectives of improving and strengthening sub - regional payments systems under the west african clearing house ( now west african monetary agency - wama ) ; introducing limited currency convertibility ; establishing a single monetary zone, and eventually a common central bank and a single currency by the year 2000. the emcp contained a set of macroeconomic convergence criteria which member countries were expected to observe prior to the emergence of the monetary union. by