This study examines different aspects of financial integration in WAEMU in order to complement the literature on macroeconomic integration. Historically, the emphasis has been on the objective of macroeconomic integration in the Union resulting, for instance, in the establishment of macroeconomic convergence criteria as set in the 1999 Pact of Convergence, Stability, Growth, and Solidarity. In contrast, less attention has been paid so far to the process of financial integration in spite of its potential benefits to the union.

Common Currency, Uncommon Challenges