Africa > Uganda
Abstract
The countries in the East African Community (EAC) are among the fastest growing economies in sub-Saharan Africa. The EAC countries are making significant progress toward financial integration, including harmonization of supervisory arrangements and practices and the modernization of monetary policy frameworks. This book focuses on regional integration in the EAC and argues that the establishment of a time table for the eliminating the sensitive-products list and establishing a supranational legal framework for resolving trade disputes are important reforms that should foster regional integration.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
03/35: “A Currency Union for the Caribbean,”DeLisle Worrell
Monetary Union in West Africa (ECOWAS): Is it Desirable and How Could It Be Achieved?
Abstract
This paper presents four commentaries by an IMF Deputy Managing Director on integration and growth in a globalized world economy. Globalized and integrated financial markets are the norm, complete with their tremendous opportunities—the chance to quicken the pace of investment, job creation, and growth—and, some inevitable risks. The paper also highlights that sound macroeconomic policies must be a top priority, and that these policies must be supported by transparency and accountability. Policies at the country and global level must be mutually reinforcing; industrial countries meeting the more outward-oriented policies of developing countries with greater openness around the world. It is recommended that the IMF agenda must include adopting bold structural reforms and building a social consensus for reform through economic security, good governance, and a better dialogue with civil society in Africa. In the Berlin address, it is suggested that development rests on three pillars: good economic policy, a favorable legal and political environment, and attention to equitable social development.