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Author :
Publisher :
ISBN 13 : 9781513529530
Total Pages : pages
Book Rating : 4.5/5 (295 download)
Download or read book Strengthening the West African Economic and Monetary Union written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Olivier Basdevant
Publisher : International Monetary Fund
ISBN 13 : 1513567330
Total Pages : 27 pages
Book Rating : 4.5/5 (135 download)
Download or read book Strengthening the West African Economic and Monetary Union written by Olivier Basdevant and published by International Monetary Fund. This book was released on 2015-10-23 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: West African Economic and Monetary Union (WAEMU) countries face a well-known dilemma between the need to provide shock-smoothing mechanisms and the lack of adequate mechanisms to do so. WAEMU countries are subject to frequent and, to a large extent, asymmetric shocks. They have remained poorly diversified and vulnerable to external shocks, such as changing weather conditions. In addition to limited shock-smoothing mechanisms at the regional level, WAEMU members’ ability to respond to shocks through national policies is also constrained by limited fiscal space and the need to preserve external stability—not only at the national level but also at the union level. In this context, developing a well-defined fiscal rule framework at the national level would help to build the necessary fiscal space for shock-smoothing. In addition, the development of specific shock-smoothing mechanisms—including a more developed and integrated financial sector—would also be critical. In addition, promoting financial development is also a challenge, which needs to be addressed in tandem with an adequate surveillance system. Some of these challenges have been faced by other monetary unions, such as the euro area.
Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
ISBN 13 : 1484368681
Total Pages : 106 pages
Book Rating : 4.4/5 (843 download)
Download or read book West African Economic and Monetary Union (WAEMU) written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2013-04-03 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: Military coups that occurred in Guinea-Bissau and Mali caused economic disruption in the WAEMU countries. Regional policies have been in line with the recommendations, and growth is expected to remain robust, risks are on the downside, and the macroeconomic policy is appropriate. Preserving debt sustainability and stability of the Union in the medium term requires better coordination of fiscal policies. Development of the financial system, and strengthening of the regulatory and supervisory framework is necessary to address existing and new risks.
Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 72 pages
Book Rating : 4.4/5 (2 download)
Download or read book West African Economic and Monetary Union written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2024-04-17 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: The WAEMU has seen strong growth and rising living standards over the past decade. Economic growth averaged 5.4 percent in 2013-2019 and 5.8 percent in 2021-2023. Policy efforts from regional and national authorities have cushioned the impact of several external and internal shocks, prompting a solid economic recovery since the COVID-19 pandemic, despite increasing security issues. Meanwhile, the Human Development Index has increased from 0.44 in 2013 to 0.48 in 2021.
Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
ISBN 13 : 1513571044
Total Pages : 74 pages
Book Rating : 4.5/5 (135 download)
Download or read book West African Economic and Monetary Union written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2021-03-02 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Selected Issues
Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
ISBN 13 : 1498305946
Total Pages : 49 pages
Book Rating : 4.4/5 (983 download)
Download or read book West African Economic and Monetary Union (WAEMU) written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2019-03-29 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper reviews West African Economic and Monetary Union’s (WAEMU) regional macroeconomic surveillance framework to control all sources of debt accumulation and ensure debt sustainability. WAEMU’s regional surveillance framework aims at ensuring the sustainability of national fiscal policies and their consistency with the common monetary policy. While fiscal deficits have been the main driver of public debt across WAEMU member countries, the size of residual factors has varied greatly among these countries. The WAEMU Macroeconomic Surveillance Framework would benefit from adjustments to more effectively set the region’s public debt on a sustainable path. In addition, beyond adhering to the WAEMU fiscal deficit rule, member countries must curb below-the-budget-line operations. This would require improved monitoring of fiscal risks and the building of adequate budget provisions to address such risks before they materialize. Improved Treasury practices would also help eliminate the recourse to pre-financing arrangements and tighten control over expenditure. Public dissemination of the WAEMU progress report and strengthened peer-to-peer learning among member countries could improve the momentum for reforms.
Author : International Monetary
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 43 pages
Book Rating : 4.4/5 (2 download)
Download or read book West African Economic and Monetary Union written by International Monetary and published by International Monetary Fund. This book was released on 2022-08-25 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: The institutional and legal frameworks for financial stability in the West African Economic and Monetary Union (WAEMU) have seen significant progress since the previous Financial Sector Assessment Program (FSAP) in 2008. 1 The institutional reform of the WAEMU and the Central Bank of West African States (BCEAO) in 2010 clarified the respective mandates and responsibilities of the latter and the WAEMU Banking Commission (CBU), and it strengthened the CBU’s legal autonomy and enforcement powers. A new banking law adopted in 2010 established an overall framework for the operation and supervision of banking activities, which has been rendered more proactive and risk based with the gradual implementation of the Basel II/III mechanism initiated in 2016. A bank resolution regime was introduced in 2015 and the mandate of the deposit guarantee fund, created in 2014, was expanded to bank resolution funding in 2018. A macroprudential policy framework, including for monitoring systemic financial sector risks, was developed around the BCEAO and the Financial Stability Committee (CSF-UMOA) in 2010. This series of reforms has greatly enhanced the robustness of the financial safety net via its four components: the early intervention mechanism, the bank resolution regime, the deposit insurance system, and the emergency liquidity assistance (ELA) mechanism.
Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.4/5 (2 download)
Download or read book West African Economic and Monetary Union written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2023-03-07 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: The WAEMU’s post-Covid-19 recovery has so far withstood the new global and regional shocks, partly owing to supportive fiscal and monetary policies as well as relatively strong macroeconomic fundamentals over the previous decade. Growth prospects remain favorable, reserves—albeit declining—remain adequate, and the financial system appears to be resilient. However, the region faces important challenges associated with rising inflation, limited access to international capital markets, eroding external buffers, and regional security issues, in the presence of elevated global risks.
Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
ISBN 13 : 1498305911
Total Pages : 46 pages
Book Rating : 4.4/5 (983 download)
Download or read book West African Economic and Monetary Union (WAEMU) written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2019-03-29 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This regional consultation IMF staff report for West African Economic and Monetary Union (WAEMU) highlights that growth remained strong in 2018, the fiscal deficit narrowed by 1/2 percentage point of GDP, external reserves increased, and important banking reforms were put in place, including the introduction of Basel II/III standards. The medium-term outlook remains positive despite somewhat less favorable global conditions, but critically hinges on planned fiscal consolidation and structural reforms to improve competitiveness and allow the private sector to become the main engine of growth. Other risks relate to terms-of-trade and weather shocks, and a difficult security situation in some countries. The report also discusses that collectively adhering to fiscal consolidation commitments, with a greater focus on domestic revenue mobilization and more effective control of below-the-line operations, is essential to lower risks of public debt distress, support international reserves, and preserve external viability. Structural policies aimed at improving competitiveness and growth inclusiveness are critical to reducing vulnerabilities to external shocks, building external buffers, stimulating private-sector-led growth, and making the growth momentum sustainable.
Author : Mr.Alexei Kireyev
Publisher : International Monetary Fund
ISBN 13 : 1484324560
Total Pages : 404 pages
Book Rating : 4.4/5 (843 download)
Download or read book Building Integrated Economies in West Africa written by Mr.Alexei Kireyev and published by International Monetary Fund. This book was released on 2016-04-13 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: The West African Economic and Monetary Union (WAEMU) has a long and varied history, and this book examines how the WAEMU can achieve its development and stability objectives, improve the livelihood of its people, and enhance the inclusiveness of its economic growth, all while preserving its financial stability, enhancing its competitiveness, and maintaining its current fixed exchange rates.
Author : International Monetary
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.4/5 (2 download)
Download or read book West African Economic and Monetary Union: Staff Report On Common Policies for Member Countries-Press Release; Staff Report; and Statement by the Executive for the WAEMU written by International Monetary and published by International Monetary Fund. This book was released on 2022-03-02 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: The WAEMU has, so far, demonstrated strong resilience to the Covid crisis. The economic rebound that started in the second half of 2020 firmed up in 2021, while fiscal and monetary policies remained supportive. External reserves have risen to comfortable levels and the financial system appears to be broadly sound. However, the region faces significant challenges to ensure the sustainability of macroeconomic policies, while supporting the economic recovery and navigating the uncertain outlook.
Author : Damian J. Nwankwo
Publisher :
ISBN 13 :
Total Pages : 14 pages
Book Rating : 4.:/5 (13 download)
Download or read book Practicability of A West African Monetary Zone written by Damian J. Nwankwo and published by . This book was released on 2019 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: What are the necessary and sufficient conditions for meeting the convergence criteria and thereafter, for the formation of the West African Monetary Zone (WAMZ), a counterpart of the European Monetary Union (EMU)? Against this background, the paper examines the practicability of achieving or otherwise the West African Monetary Zone which aims at the rapid integration of the six West African economies of The Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone. The paper employs the content analysis approach for this examination and discovered that drawing its experience from EMU, WAMZ has not been able to realize the objective of fostering rapid integration of the six economies of West African countries into a monetary union because of weak macroeconomic policy coordination within the ECOWAS sub-region, trade barriers, unstable exchange rate, and money and capital flow contracts limited formal intra-regional trade. In this regard, the paper argues that unless the fundamentals and the convergence of core macroeconomic instruments of fiscal, monetary and exchange rate policies are attained, improved upon and ensured by the integrating sub-countries, the achievement of a common monetary and economic union for the West African States may be elusive. This paper recommends the strengthening the fiscal, monetary and exchange rate policies performances by all the integrating WAMZ countries, and enforcement of the various regional agreements such as the ECOWAS trade liberalization scheme.
Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
ISBN 13 : 1484326512
Total Pages : 70 pages
Book Rating : 4.4/5 (843 download)
Download or read book West African Economic and Monetary Union written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2015-04-13 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper on West African Economic and Monetary Union presents external stability assessment report. The current account deficit declined in 2014. Although gross international reserve coverage has increased slightly, part of the current account deficit has been financed by a decline in commercial banks’ net foreign assets. Contingent on the implementation of government’s consolidation plans, and helped by a favorable oil price outlook, the current account deficit would further gradually decline and be matched by enough financial inflows in the medium term. According to various metrics, the real exchange rate appears to be broadly aligned with fundamentals. International reserve coverage should increase to provide stronger buffers against immediate short-term risks. Structural competitiveness and investment efficiency improvements will be essential to ensure that the planned large investment programs translate into growth and export gains as well as increased private inflows into the region.
Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.4/5 (2 download)
Download or read book West African Economic and Monetary Union written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2022-09-23 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the 2008 Financial Sector Assessment Program (FSAP), the financial sector of the West African Economic and Monetary Union (WAEMU) has undergone major changes that have altered its risk profile. Three structural changes have played a key role since the 2008 FSAP: (i) the financial sector has grown significantly; (ii) regional banking groups have become dominant; and (iii) the high concentration of bank portfolios in sovereign exposures, which accounted for an average of 31 percent of banking assets at end-2020, are almost triple the level observed in 2004. These changes have altered the structure of systemic risks and vulnerabilities and raised the need for implementing reforms to strengthen the effectiveness of the macroprudential policy and banking supervision frameworks.
Author : Elias T. Ayuk
Publisher : Springer Science & Business Media
ISBN 13 : 1461444152
Total Pages : 314 pages
Book Rating : 4.4/5 (614 download)
Download or read book Wealth through Integration written by Elias T. Ayuk and published by Springer Science & Business Media. This book was released on 2012-11-28 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: Could regional integration be a first step toward joining the global market? In a context where liberalizing trade has not produced the expected gains in developing countries and growth in global trade has not led to the expected economic growth, an alternative solution has emerged. This new paradigm suggests that trade liberalization should be accompanied by public investment. However, by its very nature, trade liberalization leads to a reduction in revenues from duties and taxes, which means that the available resources for public investments will also be reduced. There are now solid arguments for encouraging the less-developed countries to first emphasize regional integration before trying to access the global market. This book explores the issues linked to regional integration in West Africa and presents empirical data about the experiences in = West African Economic and Monetary Union (WAEMU) countries to converge their economies. It also examines how these efforts, which make a major contribution to regional integration, influence poverty reduction in the economic and monetary community. It will be of interest to researchers working in this area. Elias T. Ayuk is Director of the United Nations University Institute for Natural Resources in Africa in Accra, Ghana, and was formerly a senior program specialist at the International Development Research Centre. Samuel T. Kaboré is a researcher/lecturer at the Faculty of Economics and Management at the University of Ouagadougou II, Burkina Faso. Canada’s International Development Research Centre (IDRC) supports research in developing countries to promote growth and development. IDRC also encourages sharing this knowledge with policymakers, other researchers, and communities around the world. The result is innovative, lasting local solutions that aim to bring choice and change to those who need it most. Elias T. Ayuk is Director of the United Nations University Institute for Natural Resources in Africa in Accra, Ghana, and was formerly a senior program specialist at the International Development Research Centre. Samuel T. Kaboré is a researcher/lecturer at the Faculty of Economics and Management at the University of Ouagadougou II, Burkina Faso. Canada’s International Development Research Centre (IDRC) supports research in developing countries to promote growth and development. IDRC also encourages sharing this knowledge with policymakers, other researchers, and communities around the world. The result is innovative, lasting local solutions that aim to bring choice and change to those who need it most.
Author : Can Sever
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 22 pages
Book Rating : 4.4/5 (2 download)
Download or read book Revamping the West African Economic and Monetary Union (WAEMU) Fiscal Framework written by Can Sever and published by International Monetary Fund. This book was released on 2023-04-26 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper aims to provide a broad perspective on the WAEMU fiscal framework. Based on backward looking exercises and forward looking scenarios, it shows that (i) repeated fiscal slippages and historically large stock flow adjustments contributed to the surge in the WAEMU public debt, and (ii) stock flow adjustments can have significant effects on the WAEMU debt dynamics going forward. This paper also discusses that it is essential and urgent to reintroduce the fiscal rules and the Convergence Pact and to enhance the rules. Revamping the fiscal rules should focus on introducing a correction mechanism (which could contain surges in debt in the future) and an escape clause (which would enhance fiscal discipline and predictability), as well as capturing the extensive extra-budgetary and below-the-line operations and strengthening the enforcement mechanism. Any consideration to changing the fiscal deficit target should also encompass addressing extra-budgetary and below-the-line transactions (for example by changing the definition of the deficit). It is not appropriate to increase the debt ceiling.
Author : Mr.Xavier Debrun
Publisher : International Monetary Fund
ISBN 13 : 1455201405
Total Pages : 70 pages
Book Rating : 4.4/5 (552 download)
Download or read book Should African Monetary Unions Be Expanded? An Empirical Investigation of the Scope for Monetary Integration in Sub-Saharan Africa written by Mr.Xavier Debrun and published by International Monetary Fund. This book was released on 2010-07-01 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a full-fledged cost-benefit analysis of monetary integration, and applies it to the currency unions actively pursued in Africa. The benefits of monetary union come from a more credible monetary policy, while the costs derive from real shock asymmetries and fiscal disparities. The model is calibrated using African data. Simulations indicate that the proposed EAC, ECOWAS, and SADC monetary unions bring about net benefits to some potential members, but modest net gains and sometimes net losses for others. Strengthening domestic macroeconomic frameworks is shown to provide some of the same improvements as monetary integration, reducing the latter’s relative attractiveness.
