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Monetary Integration in West Africa: History, Theory, Policy

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  • Youssef El Jai

Abstract

Prior to the colonial era, money issuance in West Africa depended on slave trade. With the advent of the colonialrule, silver coins were imported then progressively imposed as a tool of coercion. The post-colonial trajectory wasdifferent for former British and French colonies. While the former regained their monetary sovereignty, the lattercontinued under a monetary union under the auspices of France. The proposal of the Eco as a single currency forECOWAS is therefore a whole new step for some countries and a simple exercise of adaptation for others. Hence,a bold policy agenda is needed if the currency union is to be a success.

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  • Youssef El Jai, 2020. "Monetary Integration in West Africa: History, Theory, Policy," Policy briefs on Economic Trends and Policies 2031, Policy Center for the New South.
    • Handle: RePEc:ocp:pbecon:pb-20-61_0
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    References listed on IDEAS

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    1. Bayoumi, Tamim & Ostry, Jonathan D, 1997. "Macroeconomic Shocks and Trade Flows within Sub-Saharan Africa: Implications for Optimum Currency Arrangements," Journal of African Economies, Centre for the Study of African Economies, vol. 6(3), pages 412-444, October.
    2. Fielding, David & Shields, Kalvinder, 2001. "Modelling macroeconomic shocks in the CFA Franc Zone," Journal of Development Economics, Elsevier, vol. 66(1), pages 199-223, October.
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