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As a result, the burden of servicing public debts increased from an average of Benin, Togo and Senegal carried the highest debt servicing burden in As a result, foreign exchange reserves reached 4. Essential reforms in the banking sector were implemented in to meet new solvency requirements and help banks to deal with considerable concentration, credit and liquidity risks.

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There have been concerns over CFA franc stability since the drop in international oil prices shrunk the liquidity levels of the oil-dependent CEMAC economies, raising fears of devaluation. Since , the IMF has been coordinating regional stabilisation efforts. Together with the assurance of international support for the current peg, monetary and fiscal reforms have decelerated devaluation fears.

The liquidity crisis could pose a monetary risk to the WAEMU capital outflows , even though the two unions essentially function independently.

Prospects for Regional Monetary Integration in Latin America: A View from the EU()

WAEMU GDP growth projections are positive and the liquidity buffer should gradually rebuild if fiscal consolidation efforts are maintained. However, a deterioration of the security situation in Burkina Faso, Mali or Niger could derail forecasts, while political instability in Guinea-Bissau and Togo continues to be a leading risk factor.

Insufficient economic inclusiveness could nurture social instability as poverty remains rampant in the region. Moreover, adverse terms of trade shocks and banking sector vulnerabilities pose noteworthy risks.

Regional Monetary Integration

Therefore, the region also got exposed to financial market shocks capital outflows, reversed risk appetite and rising global interest rates, which could increase financing costs. Such a common currency creates important opportunities when it comes to regional trade and continental economic influence, but conditions to exploit these merits remain problematic weak infrastructure, informal trade, security risks, lacking macro-economic stability and debt sustainability.

Members could delay participation further, being unwilling to risk losing the backing of the French Treasury and the general macro-economic stability provided by CFA zone membership. Analyst: Louise Van Cauwenbergh — l.

The EU is in the US trade war crosshairs. It should further raise its game

Event After opposition parties were banned from contesting, the parties close to president Talon claimed every seat following the legislative Corporate sustainability is important for Credendo. The book concludes with a chapter on the implications of monetary integration for the United States and the US dollar. Read more Read less. About the Author Peter B.

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Monetary Integration

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