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Impact of Monetary Unions on Trade: The Case of WAEMU

In: Regional Integration and Trade in Africa

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  • Ibrahima Camara

Abstract

The idea of establishing a monetary union is not new. ‘I want all of Europe to have a single currency; that would facilitate trade’, said Napoleon Bonaparte (1769–1821). The same idea is increasingly topical in economic policy debates. There have been several monetary integration initiatives on the African continent, and the goal of establishing a monetary union for all of Africa by 2021 was announced by the Association of African Central Bank Governors in 2003. The African Union’s strategy rests on the prior establishment of monetary unions within existing regional economic communities.1 These regional unions would constitute an intermediate step toward establishing a central bank and an African currency (Masson and Patillo, 2004). The Economic Community of West African States (ECOWAS) has been part of these initiatives.

Suggested Citation

  • Ibrahima Camara, 2015. "Impact of Monetary Unions on Trade: The Case of WAEMU," Palgrave Macmillan Books, in: Mthuli Ncube & Issa Faye & Audrey Verdier-Chouchane (ed.), Regional Integration and Trade in Africa, chapter 8, pages 153-172, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-46205-3_9
    DOI: 10.1057/9781137462053_9
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