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{
    "id": 496591,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/496591/?format=api",
    "text_counter": 98,
    "type": "speech",
    "speaker_name": "Hon. Aden",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "For that reason, markets need to start opening up. They will also need to have strict rules on the players in terms of economic market management. Look at the United States of America; I just want to take an example and compare it with the European Union. When USA releases the statistics on employment every month, depending on whether it is positive or negative, what happens then is that the dollar either strengthens or weakens in the international market. Similarly, we have seen in the European markets, whenever certain economies within Europe have shown indications of going down, or not properly being managed, for example Greece, the Euro suffers. But Europeans will close ranks quickly to ensure that there is better management in the economies within the Euro zones. So, as we move towards this common currency, discipline in the management of economies is very important. The year 2030 is not very far. We need to start creating strong East Africa foreign reserves. This region needs to pool a lot of foreign currency together. This is because eventually, when your Kenya Shilling is dissolved, you will have to be paid back in the form of another value. Central banks will be the ones to ensure that they take the money that you have and give you equivalent amounts in other currencies. For that reason, some reserves need to be built and economies need to start thinking in that direction. We also need to eliminate mistrust within the region, and be a coalition of the willing. When you want to move into a unitary monetary system, you want to have trust as one of your strongest pillars. We want all the partners, the Tanzanians and the Burundians to come on board fully towards the implementation of the Customs Union and the Common Market Protocols, so that we eliminate mistrust within the economies by the time we come together. I can tell you that by the time we achieve the Customs Union and the other Common Market Protocols, we will almost be there. The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}