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Assessing Regional Integration in Africa III- Towards Monetary and Financial Integration in Africa

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Regional integration remains a viable strategy for Africa to achieve sustainable economic growth and development, reduce poverty and participate effectively in the globalization process. This vision is embodied in the Abuja Treaty Establishing the African Economic Community, and is re-emphasised in the Constitutive Act of the African Union. These blueprints include a roadmap for a monetary union and the harmonization and integration of financial systems and markets across the continent. Achievement of these goals requires a climate of macroeconomic stability, monetary and financial integration and effective trade and economic relations.

Monetary unification and financial integration overcome problems associated with multiple and non-convertible currencies and with underdeveloped capital and financial markets and would also propel the continent towards establishment of the envisioned African Monetary Union. Several Regional Economic Communities (RECs) have adopted common macroeconomic policy frameworks and convergence targets, underpinned by monetary and financial cooperation.

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AWDF.0520.C1

AWDF.0520

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Call Number

AWDF.0520

Publisher

ECA : African Union Commission; United Nations. Economic Commission for Africa., 2008

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Language

English

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