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Assessing Regional Integration in Africa III: Towards Monetary and Financial Integration in Africa

Author: The Economic Commission for Africa, African Union
Organisation: The Economic Commission for Africa, African Union
Publish Date: 2008
Country: Africa
Sector: Economic
Method: Forecasting
Type: Report
Language: English
Tags: Regional Integration, Africa, Monetary Integration, Financial Integration

A continuous appraisal of Africa’s integration performance is essential, in order to gain a deeper understanding of the strengths and weakness of the integration efforts, and to help shape the future through lessons learned. It is from this perspective that the African Union Commission and the Economic Commission for Africa publish the report on Assessing Regional Integration in Africa, well known by its ARIA acronym. ARIA is a major publication devoted to in-depth analyses of progress towards fulfilling the objectives of Africa’s regional integration in broad and thematic areas, in accordance with the vision of the African Union. The various issues of ARIA have tried to address critical thematic challenges. To this end, the first edition of ARIA, published in May 2004, presented a comprehensive assessment of the status of regional integration in Africa. ARIA-II, published in May 2006, examined and made recommendations on the rationalization of multiple integration groupings in Africa and their attendant overlapping memberships.

ARIA-III, the current publication, is the third of the ARIA series and focuses on the theme of macroeconomic policy convergence, monetary and financial integration in Africa’s Regional Economic Communities. Because it helps increase growth, trade and investments, the pursuit of macroeconomic stability and monetary integration is crucial for Africa’s integration efforts. At the core of these efforts are prudent fiscal, monetary, exchange rate and debt policies pursued at the national level and harmonized at the regional and continental levels. A stable macroeconomic environment attracts and encourages investment, which is essential for development. Strengthening and deepening the financial sector, including the establishment of vibrant capital markets, will also facilitate the flow of funds and help anchor macroeconomic policies. Moreover, strong national and regional capital markets also play a catalytic role in attracting foreign direct investment and promoting cross-border investment.
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