This paper reviews shared policies of the member countries of the West African Economic and Monetary Union. Despite strong economic activity vulnerability has increased. The Central Bank of West African States took measures to activate the interbank market and enhance monetary transmission mechanisms. The central bank widened the corridor between the minimum bid rate for open market refinancing operations and the credit facility rate to 200 basis points. It also announced that recourse to its lending facility will be capped at twice banks' capital beginning in June 2017. The central bank reduced the reserve requirement ratio from 5 percent to 3 percent of deposits. Important steps were also undertaken to promote financial stability.