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The Monetary Union and Economic Integration: Challenges of the Creation of the West African Single Currency, Eco

In: Monetary and Financial Systems in Africa

Author

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  • Mohamed Ben Omar Ndiaye

    (Universite Cheikh Anta Diop)

Abstract

This chapter aims to analyze the efficiencies of the monetary union project in West Africa. Specifically, the aim is to analyze the current economic conditions for the viability of the ECOWAS monetary zone, highlighting the situation of the various components of this monetary cooperation. The results based on recent statistics show, on the one hand, a deterioration in the profile of macroeconomic convergence with a downward trend in the number of countries that meet all the criteria, and on the other hand, there is little progress in the harmonization of economic policies. Thus, the convergence of economic policies is weak and is not accompanied by a real and effective convergence of economies. Moreover, the cost-benefit analysis of participating in the monetary union project shows that the dynamic gains outweigh the costs in the long run, which would be transitory. Finally, for an effective monetary union, it is recommended: the consolidation of the economic union, the establishment of the fiscal union through the harmonization of fiscal policies, the unification of the banking system, the establishment of solid institutional frameworks, and structural policies for productive transformation and value creation.

Suggested Citation

  • Mohamed Ben Omar Ndiaye, 2022. "The Monetary Union and Economic Integration: Challenges of the Creation of the West African Single Currency, Eco," Springer Books, in: Aloysius Ajab Amin & Regina Nsang Tawah & Augustin Ntembe (ed.), Monetary and Financial Systems in Africa, chapter 0, pages 97-122, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-96225-8_5
    DOI: 10.1007/978-3-030-96225-8_5
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