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Will the Euro trigger more monetary unions in Africa?

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Author Info
Honohan, Patrick
Lane, Philip R.

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Abstract

The authors analyze the prospects for greater monetary integration in Africa, in the wake of the European Monetary Union. They argue that the structural characteristics of African economies, are quite different from those of European economies, but that much can be gained from monetary cooperation - as an external agency of restraint, and for promoting stability in the financial sector. But one should not expect too much from such arrangements. There is little evidence of contagious attacks on African currencies requiring the coordination of exchange rate policies. And economies of scale in the prudential regulation of financial systems, could be achieved through international cooperation without the need for a common currency. The same is true of enhanced risk-pooling through the financial system. The European Monetary Union has only a marginal impact on the net benefits of monetary cooperation, but the euro would be a natural anchor for any African monetary union - especially if the United Kingdom, and the sterling were to join the European Monetary Union. Indeed, the most likely route to new monetary cooperation in Africa, is through a common peg to the euro.

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Paper provided by The World Bank in its series Policy Research Working Paper Series with number 2393.

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Date of creation: 31 Jul 2000
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Handle: RePEc:wbk:wbrwps:2393

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Related research
Keywords: Fiscal&Monetary Policy; Financial Intermediation; Financial Crisis Management&Restructuring; Payment Systems&Infrastructure; Banks&Banking Reform; Fiscal&Monetary Policy; Financial Intermediation; Banks&Banking Reform; Economic Stabilization; Financial Crisis Management&Restructuring;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Barry Eichengreen., 1998. "Does Mercosur Need a Single Currency?," Center for International and Development Economics Research (CIDER) Working Papers C98-103, University of California at Berkeley.
    Other versions:
  2. Patrick Honohan & Stephen A. O'Connell, 1997. "Contrasting Monetary Regimes in Africa," IMF Working Papers 97/64, International Monetary Fund.
  3. Chang, R. & Velasco, A., 1999. "Liquidity Crises in Emerging Markets: Theory and Policy," Working Papers 99-14, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
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  4. Gerard Caprio & Patrick Honohan, 1999. "Restoring Banking Stability: Beyond Supervised Capital Requirements," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 43-64, Fall. [Downloadable!] (restricted)
    Other versions:
  5. Barry Eichengreen, 1998. "Exchange Rate Stability and Financial Stability," Open Economies Review, Springer, vol. 9(1), pages 569-608, January. [Downloadable!] (restricted)
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  6. Paul Collier & Jan Willem Gunning, 1999. "Explaining African Economic Performance," Journal of Economic Literature, American Economic Association, vol. 37(1), pages 64-111, March. [Downloadable!] (restricted)
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  7. Schiff, Maurice & Winters, L Alan, 1998. "Regional Integration as Diplomacy," World Bank Economic Review, Oxford University Press, vol. 12(2), pages 271-95, May.
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  8. Kaminsky, Graciela L. & Reinhart, Carmen M., 2000. "On crises, contagion, and confusion," Journal of International Economics, Elsevier, vol. 51(1), pages 145-168, June. [Downloadable!] (restricted)
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  9. Buiter, Willem H, 1999. "The EMU and the NAMU: What is the Case for North American Monetary Union?," CEPR Discussion Papers 2181, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  10. Foroutan, Faezeh & Pritchett, Lant, 1993. "Intra-sub-Saharan African Trade: Is It Too Little?," Journal of African Economies, Oxford University Press, vol. 2(1), pages 74-105, May.
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  11. Velasco, A., 1999. "Policy Responses to Currency Crises," Working Papers 99-15, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
  12. Roberto Chang & Andres Velasco, 1998. "Financial Fragility and the Exchange Rate Regime," NBER Working Papers 6469, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  13. Andrew K. Rose, 1999. "Is there a case for an Asian Monetary Fund?," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue Dec 17. [Downloadable!]
  14. Ilan Goldfajn & Rodrigo O. Valdés, 1997. "Capital Flows and the Twin Crises : The Role of Liquidity," IMF Working Papers 97/87, International Monetary Fund.
  15. Stasavage, David, 1997. "The CFA Franc Zone and Fiscal Discipline," Journal of African Economies, Oxford University Press, vol. 6(1), pages 132-67, March.
  16. Radelet, S., 1997. "Regional Integration and Cooperation in Sub-Saharan Africa: Are Formal Trade Agreements the Right Strategy?," Papers 592, Harvard - Institute for International Development.
  17. Barry J. Eichengreen, 1999. "Policy making in an integrated world: from surveillance to ...?," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, issue Jun, pages 205-241. [Downloadable!]
  18. Wyplosz, Charles, 1997. "EMU: Why and How It Might Happen," Journal of Economic Perspectives, American Economic Association, vol. 11(4), pages 3-21, Fall. [Downloadable!] (restricted)
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  19. Jeffrey A. Frankel, 1999. "No Single Currency Regime is Right for All Countries or At All Times," NBER Working Papers 7338, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  20. Michael T. Hadjimichael & Michel Galy, 1997. "The CFA Franc Zone and the EMU," IMF Working Papers 97/156, International Monetary Fund.
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  1. Lamberte, Mario B. & Milo, Melanie S. & Pontines, Victor, 2001. "NO to ¥E$? Enhancing Economic Integration in East Asia through Closer Monetary Cooperation," Discussion Papers DP 2001-16, Philippine Institute for Development Studies. [Downloadable!]
  2. Hefeker, Carsten, 2003. "Fiscal Reform and Monetary Union in West Africa," Discussion Paper Series 26257, Hamburg Institute of International Economics. [Downloadable!]
  3. Benjamín J Cohen, 2000. "Life at the Top: International Currencies in the 21st Century," Cuadernos de Economía (Latin American Journal of Economics), Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 37(110), pages 9-34. [Downloadable!]
  4. Chantal Dupasquier & Patrick N. Osakwe & Shandre M. Thangavelu, 2005. "Choice of Monetary and Exchange Regimes in ECOWAS: An Optimum Currency Area Analysis," SCAPE Policy Research Working Paper Series 0510, National University of Singapore, Department of Economics, SCAPE. [Downloadable!]
  5. Langyintuo, Augustine S. & Lowenberg-Deboer, James & Arndt, Channing, 2003. "Potential Impacts Of The Proposed West African Monetary Zone On Cowpea Trade In West And Central Africa," 2003 Annual meeting, July 27-30, Montreal, Canada 22236, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  6. Léonce Ndikumana, 2003. "Capital Flows, Capital Account Regimes, and Foreign Exchange Rate Regimes in Africa," Working Papers wp55, Political Economy Research Institute, University of Massachusetts at Amherst. [Downloadable!]
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