n Studies in Economics and Econometrics - ECOWAS monetary integration : the imperatives of financial market development

Volume 28, Issue 2
  • ISSN : 0379-6205


Regional economic integration ultimately leads to the formation of a monetary union. At this stage monetary, fiscal and financial policies are harmonized for the maximum benefit of member states. In such circumstances, monetary policy is centralized, foreign currency reserves are pooled and centrally managed and a single currency or exchange rate regime is adopted. Within this context, the role of money, in the dynamic sense, the need to regulate and control its volume and value become a paramount task for policy makers. A sound financial system, with standardized rules and regulations, is a necessary condition for a successful monetary union. This paper posits that such sound financial infrastructure does not exist currently in ECOWAS and therefore presents some recommendations on the way forward if the envisaged monetary union in 2004 is to succeed.

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