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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Kan makro-ekonomiese konvergensie in SADC tot die suksesvolle vestiging van 'n monetêre unie en 'n sentrale bank in die streek lei?
Author:Rossouw, JannieISNI
Year:2006
Periodical:Tydskrif vir geesteswetenskappe
Volume:46
Issue:2
Pages:246-254
Language:Afrikaans
Geographic term:Africa
Subject:monetary areas
Abstract:Macroeconomic convergence leading to monetary unification and a single central bank is one of the goals of the SADC. To this end macroeconomic convergence criteria were set, the first of which countries in the region should achieve by 2008. Further aims are to establish a free trade area, also by 2008; a customs union by 2010; a common market by 2015; and monetary union and a SADC central bank by 2021. SADC is not alone in setting such criteria in Africa. As part of a broader strategy of the African Union for macroeconomic convergence of all countries on the continent, similar goals were also set by ECOWAS and the two CFA franc zones in Africa, the West African Economic and Monetary Union (WAEMU) and the Central African Economic and Monetary Union (CAEMC). However, a recent publication by P.R. Masson and C. Pattillo (2005), based on experience with and prospects for current currency arrangements in Africa, casts doubt on the possibility of successfully achieving macroeconomic convergence, monetary union and central banks for all the regions in Africa. The present article examines this doubt purely from an economic perspective. It notes that the experience of the Common Monetary Area (CMA) and the two franc zones indicates that the presence of a dominant role player, South Africa in the CMA, France in the CFA franc zones, constitutes a central element for success. Bibliogr., note, ref., sum. in English, text in Afrikaans. [Journal abstract, edited]
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