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Fiscal Rules in WAEMU: Limiting Public Deficits

In: Regional Integration and Policy Challenges in Africa

Author

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  • Mohamed Coulibaly

Abstract

A resurgence of reflection on regional economic integration in African countries started in the 1990s. The renewed interest stimulated discussions on the effectiveness of fiscal policy in African monetary unions. Since, the common monetary and exchange policy is managed at a supranational level, the West African Economic and Monetary Union (WAEMU) and the Economic Community of Central African States (CEMAC) countries are deprived of the monetary instruments required to cope with asymmetric shocks. In the view of Wyplosz (1992), this situation constitutes a loss of control over the economy. In this case, Mundell (1961) suggests that each country’s specific fiscal policies should include significant stabilization power.

Suggested Citation

  • Mohamed Coulibaly, 2015. "Fiscal Rules in WAEMU: Limiting Public Deficits," Palgrave Macmillan Books, in: Adam B. Elhiraika & Allan C. K. Mukungu & Wanjiku Nyoike (ed.), Regional Integration and Policy Challenges in Africa, chapter 13, pages 302-325, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-46208-4_14
    DOI: 10.1057/9781137462084_14
    as

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