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The Euro at 20: Lessons for Africa

In: Macroeconomic Modelling and Monetary and Exchange Rate Regimes

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  • Paul R. Masson

Abstract

Successive euro zone crises suggest a need for re-evaluation of currency union projects in Africa. It is argued, in this chapter, that the experience of the EU has three main lessons for Africa. First, regional integration is best viewed as a process rather than a linear progression, in which monetary union may abet other aspects of integration, but is not an essential component of it. Second, the requirements for a sustainable monetary union are not adequately captured by the optimum currency area (OCA) and macroeconomic convergence criteria (or Maastricht criteria) which are given the most attention in plans for African monetary unions. Third, the prerequisites for a successful monetary union require strong regional solidarity based on common approaches to policymaking that permit the creation of effective community institutions across a wide array of policy areas.

Suggested Citation

  • Paul R. Masson, 2019. "The Euro at 20: Lessons for Africa," World Scientific Book Chapters, in: Macroeconomic Modelling and Monetary and Exchange Rate Regimes, chapter 9, pages 297-328, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811201721_0009
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    Cited by:

    1. Paul R. Masson, 2020. "Lezioni dall'eurozona per l'Africa (Lessons for Africa from the Eurozone)," Moneta e Credito, Economia civile, vol. 73(289), pages 11-32.

    More about this item

    Keywords

    Exchange Rates; Modelling; Monetary Unions; Inflation Targeting;
    All these keywords.

    JEL classification:

    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions

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