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Regional monetary integration: multilateral currency unions in operation

In: Handbook of Regional Cooperation and Integration

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  • Ad van Riet

Abstract

This chapter reviews the merits and achievements of regional monetary integration, focusing on the experiences of the four multilateral currency unions that are in operation across the world, namely the European Economic and Monetary Union, the Central African Economic and Monetary Community, the West African Economic and Monetary Union, and the Eastern Caribbean Currency Union. The purpose of this comparison is to highlight the economic challenges facing the member countries of a multilateral currency union and the required regional governance framework to make the centralisation of their monetary sovereignty a success, taking account of the applicable external exchange rate regime. The main conclusion is that regional monetary integration must comprise a strong political commitment to sustain the cohesion and stability of a multilateral currency union and, in case the single currency is pegged to an external anchor currency, to support the credibility of the exchange rate parity.

Suggested Citation

  • Ad van Riet, 2024. "Regional monetary integration: multilateral currency unions in operation," Chapters, in: Philippe De Lombaerde (ed.), Handbook of Regional Cooperation and Integration, chapter 6, pages 143-163, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20100_6
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    File URL: https://www.elgaronline.com/doi/10.4337/9781800373747.00014
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