Search Results

You are looking at 1 - 10 of 241 items for :

  • "ECOWAS country" x
Clear All
Ms. Catherine A Pattillo and Mr. Paul R Masson

In April 2000, the leaders of the six non-WAEMU ECOWAS countries agreed to form a “second monetary union” by 2003, which would then be merged with WAEMU in 2004. Preparations are under way to monitor the economic convergence of these countries in areas that are deemed important for monetary union. Each of the six non-WAEMU countries has agreed to set up a macroeconomic coordinating committee to speed the process. 23 Given the importance of the undertaking, the steps leading to monetary union and its ultimate form need to be considered carefully. This chapter

Ms. Catherine A Pattillo and Mr. Paul R Masson

Plans for monetary union among ECOWAS countries are driven by a strong desire to increase regional economic linkages and political solidarity. Since many countries in the region are small both in terms of population and GDP, regional integration is seen as a way of increasing economic clout and bargaining power on the global scene. Larger markets may allow economies of scale and gains from trade to be exploited and increase production efficiency. Monetary union may provide a visible symbol of the commitment to regional integration—over and above its purely