Tuesday, August 19, 2003

Uganda: common African monetary policy discussed

At a two-day symposiumion which began in Kampala yesterday... 38 members of the Association of African Central Banks looked at how to create a common African monetary policy. They looked at the EU experience with the creation of the Euro. After all, an EU-style integration is what the African Union (AU) is aiming for. But there are challenges.
... other participants pointed to obstacles in Africa to monetary integration including unrest and a lack of political commitment and of rule of law.

"Instability and inavailability of resources, coupled with disparity in development amongst countries, slowed the processes in the continent's preferential trade areas," an Egyptian delegate observed.