Ten Years After the CFA Franc Devaluation: Progress Toward Regional Integration in the WAEMU
July 1, 2005
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Summary
This paper takes stock of the achievements toward integration in the West African Economic and Monetary Union (WAEMU) 10 years after the 1994 devaluation of the CFA franc. It investigates the lessons learned and evaluates progress toward economic convergence, examines the evolution of trade and competitiveness, and points to ways to remove impediments to greater integration. The paper concludes that a continued political commitment will be needed to overcome the important dissimilarities between WAEMU member countries that have limited the degree of convergence achieved to date, and to advance toward a full-fledged economic union.
Subject: Agricultural commodities, Competition, Exports, Real effective exchange rates, Terms of trade
Keywords: country, landlocked WAEMU country, renewed competitiveness, WAEMU share, WP
Pages:
30
Volume:
2005
DOI:
Issue:
145
Series:
Working Paper No. 2005/145
Stock No:
WPIEA2005145
ISBN:
9781451861648
ISSN:
1018-5941
