East African Monetary Union – Proceed with Caution

While the economic woes of today’s Eurozone may give pause for thought on the pursuit of regional monetary union, African leaders remain steadfast in their aspirations for shared currencies.

Around the same time as the Maastricht Treaty laid the foundations for European Monetary Union, the 1991 Treaty of Abuja set in motion the continent’s initial integration program, the African Economic Community (AEC). The AEC was soon supplanted by the African Union in 2002 and ultimately aspires to establishing a continent-wide currency – the Afro – by 2028. The project aims to include a full suite of institutions: an African Monetary Fund, African Investment Bank and African Central Bank… Click here to read full article.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s