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Regional Integration in West Africa - Is There a Role for a Single Currency? (Paperback)
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Regional Integration in West Africa - Is There a Role for a Single Currency? (Paperback)
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Assessing the potential benefits and risks of a currency union
Leaders of the fifteen-member Economic Community of West African
States (ECOWAS) have set a goal of achieving a monetary and
currency union by late 2020. Although some progress has been made
toward achieving this ambitious goal, major challenges remain if
the region is to realize the necessary macroeconomic convergence
and establish the required institutional framework in a relatively
short period of time. The proposed union offers many potential
benefits, especially for countries with historically high inflation
rates and weak central banks. But, as implementation of the euro
over the past two decades has shown, folding multiple currencies,
representing disparate economies, into a common union comes with
significant costs, along with operational challenges and
transitional risks. All these potential negatives must be
considered carefully by ECOWAS leaders seeking to meet a
self-imposed deadline. This book, by two leading experts on
economics and Africa, makes a significant analytical contribution
to the debates now under way about how ECOWAS could achieve and
manage its currency union, and the ramifications for the African
continent.
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