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Mr. Masafumi Yabara

markets through regional integration. Having well-functioning local capital markets is important for these countries because they need large amounts of financing to build infrastructure for sustained growth. Capital markets are needed as an alternative source of financing, supplementing commercial banks, which dominate the EAC financial sector with low competitiveness ( Gaertner, Sanya, and Yabara, 2011 ). Recognizing the benefits of capital markets and the limitations of individual country approaches, the EAC member states are committed to establishing a common market

International Monetary Fund

the world, manufactures play an important role . Table V.2 indicates that for Kenya 11.5 percent and 43.4 percent of its imports from respectively, Uganda and Tanzania are manufactures. For Uganda, 33.8 percent and 71.3 percent of its imports are from Kenya and Tanzania, and for Tanzania 56.8 percent and 16.6 percent of its imports are from Kenya and Uganda. In short, the expansion of intra-regional trade has provided a market for the manufacturing sectors in the EAC member states, particularly Kenya. The challenge is to transform these industries to produce

Richard Hughes

national fiscal institutions in the EAC. In doing so it: discusses the implications of monetary integration for national fiscal institutions; reviews recent efforts to harmonize national fiscal institutions in monetary unions in the EU and in Africa (specifically CEMAC and the WAEMU); assesses the degree of harmonization between national fiscal institutions of the five EAC member states relative to the 27 member states of the EU; and recommends a series of actions to help EAC member states to prepare for enhanced fiscal cooperation in the context of eventual

Mr. R. Armando Morales

model for EAC member states has a number of advantages ( European Central Bank, 2010 ). National expertise located in national central banks will continue to be available both to the governors, as participants in the governing council, and to the working of the system of central banks as a whole. At an early stage, a decentralized model helps minimize disruption in the transition. To function properly, national central banks will have to be legally subordinate to the East African Central Bank in areas where the monetary authority has competence. Specific advantages of

Mr. Sanjeev Gupta

respective central banks. Currently, EAC member states depend heavily on these facilities to fund temporary cash flow difficulties. However, these facilities complicate monetary policy operations and reduce central bank control over monetary aggregates. The region, meanwhile, has not yet established a deep and liquid market for domestic government debt securities. This limits the options for public sector cash management. EAC member states should first harmonize these overdraft facilities, defining a single ceiling for all countries in the region. Once this has been

Mr. Emre Alper, Ms. Wenjie Chen, Mr. Jemma Dridi, Mr. Herve Joly, and Mr. Fan Yang
This paper assesses the extent of economic and financial integration among the East African Community (EAC) along a number of dimensions and, where possible, whether integration has increased in the wake of the major regional integration policy milestones.
Mr. Masafumi Yabara

development through regional integration. These countries face growing financing needs to build up infrastructure for sustained growth, making well-functioning local financial markets important. Financing through markets could complement commercial bank financing, which dominates EAC financial sectors, where competition is low ( Sanya and Gaertner, 2012 ). Recognizing the benefits of financial markets and the limitations of individual country approaches, the EAC member states are committed to establishing a common market, which would include free movement of capital under

Ms. Mary G Zephirin

a joint financial stability assessment, taking account of potential spillover arising out of the macroeconomic and institutional environments. Close collaboration in developing individual country frameworks would be of particular importance. Technical assistance from the IMF is helping to build these systems, and the EAC member states should be proactive in forging a common framework able to harmonize national systems. Banking Supervision The EAC countries have begun harmonizing their regulatory and supervisory frameworks, using compliance with

Nabil Ben Ltaifa


Since 2000, the East African Community (EAC) has had a customs union and common market, and is now implementing a comprehensive regional infrastructure program to support the development of a single market for free trade among partner countries. To deepen integration, the EAC has set the goal of establishing an East African Monetary Union (EAMU) through macroeconomic convergence and the harmonization of monetary and exchange rate policies, payment and settlement systems, financial sector supervision, as well as harmonized statistics.

Mr. Paulo Drummond, Mr. S. K Wajid, and Mr. Oral Williams