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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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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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 |
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okr-10986-195912021-04-23T14:03:43Z The Politics of Monetary Sector Cooperation among the Economic Community of West African States Members Uche, Chibuike U. AUTHORITY BILATERAL AID BOUNDARIES CAPITAL FLIGHT CATTLE EXPORTS CENTRAL BANK CENTRAL BANKS CENTRAL BODY CITIZENS COLONIALISM COLONIES COMMERCIAL BANKS COMMERCIAL POLICY COMMON MARKET CONSENSUS CONVERGENCE CURRENCY BOARD CUSTOMS CUSTOMS DUTIES DEBT DECISION-MAKERS DECREE DEVALUATION DISCRIMINATION ECONOMIC COMMUNITY ECONOMIC GROUPINGS ECONOMIC INTEGRATION ECONOMIC PERFORMANCE ECONOMIES OF SCALE EXCHANGE RATES FACTORS OF PRODUCTION FEDERATIONS FINANCIAL INSTITUTIONS FINANCIAL RESOURCES FISCAL FISCAL POLICY FOREIGN BANKS FOREIGN EXCHANGE FOREIGN INVESTORS FREE TRADE FREE TRADE AREA GEOGRAPHICAL LOCATION INDUSTRIAL PRODUCTS INTEGRATION EFFORTS INTEREST GROUPS INTRA-REGIONAL TRADE LACK OF AUTONOMY LEGAL ENTITIES LINES LOCAL CURRENCY MARKET SIZE MEMBER COUNTRIES MEMBER COUNTRY MEMBER STATES MONETARY INTEGRATION MONETARY POLICIES MONETARY POLICY MONETARY STABILITY MONETARY UNION MONEY SUPPLY MOTIVATIONS NATIONAL OBJECTIVES NATIONAL POLICIES NATIONS OPPORTUNITY COSTS PETROLEUM POLITICAL CONTROL PRIVATE INVESTORS PRIVATE SECTOR PRODUCTIVE ASSETS RECIPROCITY REFERENDUM REGIONAL BODIES REGIONAL GROUPING REGIONAL GROUPINGS REGIONAL INTEGRATION REGIONAL INTEGRATION ARRANGEMENTS REGIONAL MARKET REGIONAL TRADE REGULATORY AUTHORITIES TECHNICAL ASSISTANCE TERMS OF TRADE TRADE UNION TRADING PARTNER TRADING PARTNERS TRUST TERRITORIES URANIUM WEALTH WEST WEST AFRICA WIND WORLD MARKET 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. 2014-08-21T19:42:23Z 2014-08-21T19:42:23Z 2001-07 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 English en_US Policy Research Working Paper;No. 2647 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research Africa Europe and Central Asia West Africa |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
AUTHORITY BILATERAL AID BOUNDARIES CAPITAL FLIGHT CATTLE EXPORTS CENTRAL BANK CENTRAL BANKS CENTRAL BODY CITIZENS COLONIALISM COLONIES COMMERCIAL BANKS COMMERCIAL POLICY COMMON MARKET CONSENSUS CONVERGENCE CURRENCY BOARD CUSTOMS CUSTOMS DUTIES DEBT DECISION-MAKERS DECREE DEVALUATION DISCRIMINATION ECONOMIC COMMUNITY ECONOMIC GROUPINGS ECONOMIC INTEGRATION ECONOMIC PERFORMANCE ECONOMIES OF SCALE EXCHANGE RATES FACTORS OF PRODUCTION FEDERATIONS FINANCIAL INSTITUTIONS FINANCIAL RESOURCES FISCAL FISCAL POLICY FOREIGN BANKS FOREIGN EXCHANGE FOREIGN INVESTORS FREE TRADE FREE TRADE AREA GEOGRAPHICAL LOCATION INDUSTRIAL PRODUCTS INTEGRATION EFFORTS INTEREST GROUPS INTRA-REGIONAL TRADE LACK OF AUTONOMY LEGAL ENTITIES LINES LOCAL CURRENCY MARKET SIZE MEMBER COUNTRIES MEMBER COUNTRY MEMBER STATES MONETARY INTEGRATION MONETARY POLICIES MONETARY POLICY MONETARY STABILITY MONETARY UNION MONEY SUPPLY MOTIVATIONS NATIONAL OBJECTIVES NATIONAL POLICIES NATIONS OPPORTUNITY COSTS PETROLEUM POLITICAL CONTROL PRIVATE INVESTORS PRIVATE SECTOR PRODUCTIVE ASSETS RECIPROCITY REFERENDUM REGIONAL BODIES REGIONAL GROUPING REGIONAL GROUPINGS REGIONAL INTEGRATION REGIONAL INTEGRATION ARRANGEMENTS REGIONAL MARKET REGIONAL TRADE REGULATORY AUTHORITIES TECHNICAL ASSISTANCE TERMS OF TRADE TRADE UNION TRADING PARTNER TRADING PARTNERS TRUST TERRITORIES URANIUM WEALTH WEST WEST AFRICA WIND WORLD MARKET |
| spellingShingle |
AUTHORITY BILATERAL AID BOUNDARIES CAPITAL FLIGHT CATTLE EXPORTS CENTRAL BANK CENTRAL BANKS CENTRAL BODY CITIZENS COLONIALISM COLONIES COMMERCIAL BANKS COMMERCIAL POLICY COMMON MARKET CONSENSUS CONVERGENCE CURRENCY BOARD CUSTOMS CUSTOMS DUTIES DEBT DECISION-MAKERS DECREE DEVALUATION DISCRIMINATION ECONOMIC COMMUNITY ECONOMIC GROUPINGS ECONOMIC INTEGRATION ECONOMIC PERFORMANCE ECONOMIES OF SCALE EXCHANGE RATES FACTORS OF PRODUCTION FEDERATIONS FINANCIAL INSTITUTIONS FINANCIAL RESOURCES FISCAL FISCAL POLICY FOREIGN BANKS FOREIGN EXCHANGE FOREIGN INVESTORS FREE TRADE FREE TRADE AREA GEOGRAPHICAL LOCATION INDUSTRIAL PRODUCTS INTEGRATION EFFORTS INTEREST GROUPS INTRA-REGIONAL TRADE LACK OF AUTONOMY LEGAL ENTITIES LINES LOCAL CURRENCY MARKET SIZE MEMBER COUNTRIES MEMBER COUNTRY MEMBER STATES MONETARY INTEGRATION MONETARY POLICIES MONETARY POLICY MONETARY STABILITY MONETARY UNION MONEY SUPPLY MOTIVATIONS NATIONAL OBJECTIVES NATIONAL POLICIES NATIONS OPPORTUNITY COSTS PETROLEUM POLITICAL CONTROL PRIVATE INVESTORS PRIVATE SECTOR PRODUCTIVE ASSETS RECIPROCITY REFERENDUM REGIONAL BODIES REGIONAL GROUPING REGIONAL GROUPINGS REGIONAL INTEGRATION REGIONAL INTEGRATION ARRANGEMENTS REGIONAL MARKET REGIONAL TRADE REGULATORY AUTHORITIES TECHNICAL ASSISTANCE TERMS OF TRADE TRADE UNION TRADING PARTNER TRADING PARTNERS TRUST TERRITORIES URANIUM WEALTH WEST WEST AFRICA WIND WORLD MARKET Uche, Chibuike U. The Politics of Monetary Sector Cooperation among the Economic Community of West African States Members |
| geographic_facet |
Africa Europe and Central Asia West Africa |
| relation |
Policy Research Working Paper;No. 2647 |
| description |
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. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Uche, Chibuike U. |
| author_facet |
Uche, Chibuike U. |
| author_sort |
Uche, Chibuike U. |
| title |
The Politics of Monetary Sector Cooperation among the Economic Community of West African States Members |
| title_short |
The Politics of Monetary Sector Cooperation among the Economic Community of West African States Members |
| title_full |
The Politics of Monetary Sector Cooperation among the Economic Community of West African States Members |
| title_fullStr |
The Politics of Monetary Sector Cooperation among the Economic Community of West African States Members |
| title_full_unstemmed |
The Politics of Monetary Sector Cooperation among the Economic Community of West African States Members |
| title_sort |
politics of monetary sector cooperation among the economic community of west african states members |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014 |
| url |
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 |
| _version_ |
1764440106572185600 |