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Has there been any recent developments on the creation of an African Monetary Union? How I remember it there's several economic regional blocs that are slowly to be overlapping with each other to one Continental currency but I'm not as familiar with the technical details.
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Jul 14, 2015 20:00
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| # ¿ May 11, 2024 05:38 |
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Any future AMU regardless of size will naturally bring up the EMU and its problems to mind. Is there anything on paper what the actual structure of it will be is or is still kind of in a "hopefully we have this figured out by 2030" kind of stage?
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Jul 14, 2015 20:41
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Phone posting placeholder until I can add more later. Anyone who knows more feel free to correct any details I get wrong. After asking my question earlier I decided to start reading up on the various proposed or in development Monetary unions in Africa. First I'll touch on is the West African Monetary Zone (WAMZ) which currently is planned to consist of Gambia, Ghana, Guinea, Nigeria, Sierra Leone, and Liberia. Ultimately the WAMZ would see the introduction of the proposed Eco as a single currency replacing the CFA franc (which is pegged to the euro). Here is the taste of necessary criteria for future member governments: 1) single digit inflation rate end of each fiscal year 2 ) deficit no larger than four percent gdp 3) central bank financing of no more than 10% of prev years tax revenue 4) gross external reserves that can give import cover for a minimum of three months
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Jul 15, 2015 00:10
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