The creation, between 1996 and 2000, of the West African Economic and Monetary Union (WAEMU) customs union was an important step toward greater regional integration in western Africa. It was part of an initiative to boost regional integration and policy effectiveness after the CFA franc was devalued relative to the French franc in 1994. The WAEMU customs union entails free movement of goods between member countries and application of a common external tariff (CET) on imports from other countries.

Common Currency, Uncommon Challenges