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Independence of the Central Bank of West African States: An Expected Reform?

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  • Sylviane Guillaumont Jeanneney

Abstract

Why increase the independence of the Central Bank of West African States? The answer can be sought in the monetary and institutional evolution of the West African Economic and Monetary Union. The advantage would be to increase confidence in the value of the currency and to guarantee the continuity of the economic and monetary integration of West Africa. The feasibility of the reform implies strengthening the collegiality of monetary decisions and the transparency of the management of the Central Bank. It is also necessary to improve the coordination of budgetary and monetary policies, with a view to a stronger and more regular growth of the economies of the Union. JEL Classification : E58, O55, F33, F36.

Suggested Citation

  • Sylviane Guillaumont Jeanneney, 2006. "Independence of the Central Bank of West African States: An Expected Reform?," Revue d’économie du développement, De Boeck Université, vol. 14(5), pages 43-73.
  • Handle: RePEc:cai:edddbu:edd_205_0043
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    Keywords

    Central Bank of West African States; monetary union; franc zone;

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • O55 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Africa
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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