Introducing a Common Currency: The ECOWAS Experience. By Essien Abel Essien Director, Strategic Planning ECOWAS Commission A Paper Presented at the ECOWAS-ZEI Academy in Comparative Regional Integration, Centre for European Integration Studies, Bonn, Germany, March 16-28, 2009. Outline .
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Essien Abel Essien
Director, Strategic Planning
A Paper Presented at the ECOWAS-ZEI Academy in Comparative Regional Integration, Centre for European Integration Studies, Bonn, Germany, March 16-28, 2009
The ECOWAS was to proceeds in the following direction
Preferential trading area:Preferential access to certain products by reducing tariffs, but does not abolish them completely
Free trade area: A designated group of countries:
Eliminate tariffs, quotas and preferences on most (if not all) goods between them.
Customs union: A free trade area:
Common external tariff
Common external trade policy (may have different import quotas)
Single market:A customs union:
Common policies on product regulation
Freedom of movement of factors of production. Removal of the physical (borders), technical (standards) and fiscal (taxes) barriers
Economic and monetary union: A single market with a common currency.
Complete Integration: No or negligible control of economic policy, including full monetary union and complete or near-complete fiscal policy harmonisation
Major Reasons (2003) and 2005
Journey has been tortuous
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