Ten Years After the CFA Franc Devaluation: Progress Toward Regional Integration in the WAEMU
IMF Working Papers, July 1, 2005
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Bibliographic details
- Authors: P. van den Boogaerde, Charalambos G Tsangarides
- Published: July 1, 2005
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451861648.001
Overview
- Authors: P. van den Boogaerde, Charalambos G Tsangarides
- Date: July 1, 2005
- Purpose: 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.
- Analytical scope:
- Investigates the lessons learned.
- Evaluates progress toward economic convergence.
- Examines the evolution of trade and competitiveness.
- Points to ways to remove impediments to greater integration.
- Key concluding point: 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.
- Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.
Key findings and analysis
- Integration progress assessment:
- Stocktakes achievements toward integration in WAEMU 10 years after the 1994 devaluation of the CFA franc.
- Evaluates economic convergence among member countries and identifies limited degree of convergence to date.
- Trade and competitiveness:
- Examines the evolution of trade and competitiveness across WAEMU members.
- Highlights impediments to greater integration tied to dissimilarities among member countries.
- Lessons learned:
- Emphasizes the need for continued political commitment to address structural dissimilarities and advance toward a full-fledged economic union.
Policy recommendations and implications
- Main policy implication:
- Continued political commitment is necessary to overcome the important dissimilarities between WAEMU member countries and to advance toward a full-fledged economic union.
- Suggested focus areas (as indicated by the paper’s scope):
- Remove impediments to greater integration.
- Foster measures that enhance economic convergence.
- Strengthen trade competitiveness across member countries.