- Ernesto Hernández-Catá, and C. François
- Published Date:
- September 1998
© 1998 International Monetary Fund
Production: IMF Graphics Section Figures: In-Ok Yoon Typesetting: Victor Barcelona
Library of Congress Cataloging-in-Publication Data
The West African Economic and Monetary Union : recent developments and policy issues / by a staff team led by Ernesto Hernández-Catá : and comprising Christian A, François …[et al.].
p. cm. - (Occasional paper, ISSN 0251–6365 ; no. 170) Includes bibliographical references (p.). ISBN 1–55775-755–0
1. Unionéconomique et monétaire Ouest africaine. 2. Monetary policy-Africa, French-speaking West, 1. Hernández-Catá, Ernesto. 11. Franéois. C.A. (Christian A.) 111. Series: Occasional paper (International Monetary Fund); no. 170. HG1371.W47 1998
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The following symbols have been used throughout this paper:
… to indicate that data are not available;
n.a. to indicate not applicable;
—to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;
–between years or months (e.g., 1994–95 or January–June) to indicate the years or months covered, including the beginning and ending years or months;
/ between years (e.g., 1994/95) to indicate a crop or fiscal (financial) year.
“Billion” means a thousand million.
Minor discrepancies between constituent figures and totals are due to rounding.
Minor discrepancies between constituent figures and totals are due to rounding. The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.
An IMF staff team visited Ouagadougou and Dakar during November 11–14, 1997, to hold policy discussions with senior officials of the Central Bank of West African States (BCEAO), the regional Banking Commission, and the Commission of the West African Economic and Monetary Union (WAEMU). The WAEMU representatives were headed by Moussa Toure\ president of the commission, and those of the BCEAO by Governor Charles Konan Banny. The discussions focused on a review of recent performance and on key regional economic policy issues, including (1) an examination of the framework for monetary policy, (2) an assessment of the banking sector, (3) the introduction of a common external tariff, and (4) other specific regional issues.
Given the widening range of economic policies that have been formulated and implemented at the regional level since the ratification of the WAEMU treaty in August 1994, and in view of the special characteristics of the CFA franc zone, both IMF staff and country authorities believe that these periodic regional discussions, which are essential to complement bilateral surveillance and monitoring of IMF-supported programs, should be strengthened. Accordingly, as part of a move to a more formal and comprehensive dialogue with the regional institutions of the WAEMU, annual reports on these discussions will be presented to the IMF’s Executive Board.
The authors are grateful to many colleagues in the IMF for helpful comments on previous drafts. They would like to thank Ngoc Lê for her valuable assistance in preparing tables and charts and Marie-Jeanette Ng Choy Hing, Francoise Straver-Postic, and Nadine Dubost for providing very dependable secretarial support. Elisa Diehl of the IMF’s External Relations Department edited the manuscript and coordinated production.