- Catherine Pattillo, and Paul Masson
- Published Date:
- February 2001
© 2001 International Monetary Fund
Production: IMF Graphics Section
Typesetting & Figures: Choon Lee
Masson, Paul R.
Monetary union in West Africa (ECOWAS): is it desirable and how could it be achieved? / Paul Masson, Catherine Pattillo. — Washington, D.C.: International Monetary Fund, 2001.
p. cm. — (Occasional paper, ISSN 0251-6365 ; no. 204)
Includes bibliographical references.
1. Economic Community of West African States.— 2. Union economique et monetaire Ouest africaine. — 3. Monetary unions — Africa, West. 4. Africa, West — Economic integration. 5. Monetary policy — Africa, West. I. Pattillo, Catherine A. (Catherine Anne). II. International Monetary Fund. III. Occasional paper (International Monetary Fund); no. 204.
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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 (i.e., 1997–98 or January–June) to indicate the years or months covered, including the beginning and ending years or months;
/ between years or months (i.e., 1997/98) to indicate a crop or fiscal (financial) year.
“Billion” means a thousand million; “trillion” means a thousand billion.
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.
The authors are especially grateful to Christian François and Ernesto Hernández-Catá for encouraging them to undertake this study, for valuable suggestions, and for obtaining the support of the African Department, and to Ousmane Doré for supplying data and participating in discussions with officials. The authors are grateful as well to a number of their colleagues at the IMF and the World Bank, in particular Trevor Alleyne, David Andrews, Luis de Azcarate, Girma Begashaw, Eduardo Borensztein, Vincent Caupin, Dominique Guillaume, Anne-Marie Gulde, Elliott Harris, Hiroyuki Hino, Charles Humphreys, Robin Kibuka, Alexander Kyei, Célestin Monga, Gonzalo Pastor, Mark Plant, Papa Ousmane Sakho, Jesús Seade, Reinold van Til, Luisa Zanforlin, and Alessandro Zanello. The authors also would like to thank Agnès Bénassy-Quéré, Daniel Cohen, Max Corden, Patrick Guillaumont, Sylviane Guillaumont-Jeanneney, Charles Soludo, and George Tavlas for comments and discussion; Grace Juhn, Manzoor Gill, and Jungyong Shin for research assistance; Jacqueline Irving for excellent editorial and substantive input; and Celia Burns for typing the manuscript.
This paper has also benefited from discussions with officials in Abuja, Accra, Brussels, Dakar, and Paris. In particular, valuable suggestions and comments were received at the ECOWAS Secretariat, the European Commission, the BCEAO, and at central banks and government ministries in France, Ghana, and Nigeria. The views expressed here are those of the authors, however, and do not represent the official views of those institutions or of the International Monetary Fund.