The Politics of Monetary Sector Cooperation among the Economic Community of West African States Members
The author tries to explain why monetary cooperation and integration have been difficulty to achieve among member states of the Economic Community of West African States (ECOWAS). He shows how different interest groups--both members and nonmembers-...
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| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2001/07/1552024/politics-monetary-sector-cooperation-among-economic-community-west-african-states-members http://hdl.handle.net/10986/19591 |
| Summary: | The author tries to explain why monetary
cooperation and integration have been difficulty to achieve
among member states of the Economic Community of West
African States (ECOWAS). He shows how different interest
groups--both members and nonmembers--have over time
influenced policies and positions on various ECOWAS member
states. Unfortunately, most negotiations for cooperation
among ECOWAS member states have a much better monetary
cooperation and integration program, mainly because of
France's active support and participation in
negotiations, mediation, and consensus building.
Unfortunately, Nigeria-which has been the main force behind
bilingual regional integration in West Africa--has a
different agenda from France. Its promotion of a bilingual
economic grouping in West Africa was in part an attempt to
reduce France's influence in West Africa, so France is
unlikely to allow economic and monetary cooperation and
integration along Nigerian lines. The fact that Nigeria is
still a weak state does not help. The choice for francophone
West African countries is therefore between closer ties with
France--which has provided development aid, ensured currency
convertibility, and guaranteed monetary stability in those
francophone countries--and closer ties with Nigeria (which
has done none of the above for itself, much less for its
neighbors). The increasing convergence of macroeconomic
indices among ECOWAS member countries--which is essential
for monetary cooperation and integration--has come about
largely because of events outside of ECOWAS or because of
externally (International Monetary Fund) imposed structural
adjustment programs. France's support is essential for
the development of a meaningful ECOWAS. |
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