The Euro at 20: Lessons for Africa

Paul Masson

Chapter 9 in Macroeconomic Modelling and Monetary and Exchange Rate Regimes, 2019, pp 297-328 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Successive euro zone crises suggest a need for re-evaluation of currency union projects in Africa. It is argued, in this chapter, that the experience of the EU has three main lessons for Africa. First, regional integration is best viewed as a process rather than a linear progression, in which monetary union may abet other aspects of integration, but is not an essential component of it. Second, the requirements for a sustainable monetary union are not adequately captured by the optimum currency area (OCA) and macroeconomic convergence criteria (or Maastricht criteria) which are given the most attention in plans for African monetary unions. Third, the prerequisites for a successful monetary union require strong regional solidarity based on common approaches to policymaking that permit the creation of effective community institutions across a wide array of policy areas.

Keywords: Exchange Rates; Modelling; Monetary Unions; Inflation Targeting (search for similar items in EconPapers)
JEL-codes: F45 (search for similar items in EconPapers)
Date: 2019
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