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Monetary Unions and its Discontent: Is the WAMZ Convergence a myth?

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  • U. Joseph Nnanna

Abstract

The mission of the West African Monetary Institute (WAMI) is to create a common Central Bank and monetary unit for the regions member countries. In recent years, we have seen regional blocs forge agreements to strengthen their competitive advantage. In the West African region, member states have begun the consolidation process with limited success. The recent Euro crisis has given monetary unions globally an opportunity to reexamine their goal of convergence. In this study, the researcher conducts an institutional analysis to examine the ongoing pursuit of monetary and fiscal convergence among member countries. Finally, it is important to note that monetary convergence is of paramount importance because West African countries are too small to achieve economies of scale.

Suggested Citation

  • U. Joseph Nnanna, 2014. "Monetary Unions and its Discontent: Is the WAMZ Convergence a myth?," Journal of Public Policy & Governance, Research Academy of Social Sciences, vol. 1(2), pages 51-56.
  • Handle: RePEc:rss:jnljpg:v1i2p1
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    References listed on IDEAS

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    1. Kenen,Peter B. & Meade,Ellen E., 2008. "Regional Monetary Integration," Cambridge Books, Cambridge University Press, number 9780521711500, July.
    2. John Anyanwu, 2003. "Estimating the Macroeconomic Effects of Monetary Unions: The Case of Trade and Output," African Development Review, African Development Bank, vol. 15(2‐3), pages 126-145.
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