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Monetary and Financial Integration in West Africa

Monetary and Financial Integration in West Africa
Author: Temitope Oshikoya
Publisher: Routledge
Total Pages: 503
Release: 2013-11-11
Genre: Business & Economics
ISBN: 1136935304

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Monetary and Financial Integration in West Africa details the progress, challenges faced, and potential of the project intended to create a West African Monetary Zone (WAMZ) between Gambia, Ghana, Guinea, Nigeria and Sierra Leone. Given the trend towards regionalization of economic ties across the world, especially after the successful launch of the euro, a detailed analysis of the WAMZ is needed. As this is the first book on monetary and financial integration in Gambia, Ghana, Guinea, Nigeria and Sierra Leone, it is an essential read for anyone interested in economic development in West Africa, and indeed in Africa as a whole. This book is extremely well-researched, with detail on virtually all aspects of economic integration in the region; with issues ranging from the institutional details of integration, trade and financial market integration, to progress on convergence of macroeconomic fundamentals to the required payments system infrastructure. The book deploys solid empirical facts and sophisticated analyses to thoroughly defend its assertions. This collection is a valuable contribution and an excellent companion book for monetary economics or international economics classes as well as African development literature. It will provide students and researchers with an exciting chance to apply concepts of, for example, optimum currency areas, central bank structure or monetary policy approaches, to a real-world case of potential monetary union. Dr. Temitope W. Oshikoya and his collaborators have written the authoritative book on the subject of monetary union in the West African Monetary Zone. As is evident in the level of detail of the book, Dr. Oshikoya brings rich field experience from his role as Director General and CEO of the West African Monetary Institute. This book will be of interest to postgraduates and researchers in development economics; as well as policymakers, monetary authorities and development practitioners.


West African Economic and Monetary Union

West African Economic and Monetary Union
Author: International Monetary
Publisher: International Monetary Fund
Total Pages: 43
Release: 2022-08-25
Genre: Business & Economics
ISBN:

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The institutional and legal frameworks for financial stability in the West African Economic and Monetary Union (WAEMU) have seen significant progress since the previous Financial Sector Assessment Program (FSAP) in 2008. 1 The institutional reform of the WAEMU and the Central Bank of West African States (BCEAO) in 2010 clarified the respective mandates and responsibilities of the latter and the WAEMU Banking Commission (CBU), and it strengthened the CBU’s legal autonomy and enforcement powers. A new banking law adopted in 2010 established an overall framework for the operation and supervision of banking activities, which has been rendered more proactive and risk based with the gradual implementation of the Basel II/III mechanism initiated in 2016. A bank resolution regime was introduced in 2015 and the mandate of the deposit guarantee fund, created in 2014, was expanded to bank resolution funding in 2018. A macroprudential policy framework, including for monitoring systemic financial sector risks, was developed around the BCEAO and the Financial Stability Committee (CSF-UMOA) in 2010. This series of reforms has greatly enhanced the robustness of the financial safety net via its four components: the early intervention mechanism, the bank resolution regime, the deposit insurance system, and the emergency liquidity assistance (ELA) mechanism.


Institutional Framework of West African Monetary Integration

Institutional Framework of West African Monetary Integration
Author: Rachael A. Ntongho
Publisher:
Total Pages: 0
Release: 2023
Genre:
ISBN:

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Economic Community of West African States is in an advanced stage of establishing a single Eco currency with several setbacks in the launch of the currency. Most studies on Eco currency have analysed the feasibility of Eco based on economic considerations. While economic factors are pertinent to the creation of a single currency, this paper illustrates that effective political, legal, social, and cultural institutions are equally as important in the success of a monetary union. Within this framework, the aim of this paper is to examine the impact of core west African monetary institutions and their influence in the negotiation and formation of the monetary union. The analysis demonstrates that large economies like Nigeria argued by scholars to pose a disproportionate risk to the monetary union can be contained through an adequate risk sharing mechanism. Heterogeneity in the region should be regarded as an opportunity for specialisation in areas of comparative advantage and not as a hinderance to a monetary union. The paper argues that discord and divergence of the region can be addressed through precommitment rules and a proportionate representation system. The paper advances the political debate, institutional relevance, and social legitimacy of the Eco single currency.


Introducing the Eco

Introducing the Eco
Author:
Publisher:
Total Pages: 20
Release: 2009
Genre: Foreign exchange
ISBN:

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A Handbook on the Ecowas Treaty and Financial Institutions

A Handbook on the Ecowas Treaty and Financial Institutions
Author: Maiyaki
Publisher: AuthorHouse
Total Pages: 321
Release: 2012-09-14
Genre: Antiques & Collectibles
ISBN: 1477223142

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The inspiration to write on the ECOWAS Treaty and the role of financial institutions derived from the apparent and unabated efforts of the various governments in the West African subregion to find solutions to the inexplicable sufferings and underdevelopment of the region and its people in the face of abundant but untapped human and natural resources. The strategy of integration has been employed by other jurisdictions, some of them more developed, as an option in addressing the forgoing challenges. So many years after the establishment of ECOWAS, the dream is far from being attained. Given the critical financial engagements inherent in the ECOWAS integration strategy, it is considered desirable that the treaty is rationalized to accommodate a wider role for financial institutions within the control of a supra national framework.