NEW YORK – The monetary integration of the Economic Community of West African States (ECOWAS) has become an exercise in perpetual postponement: More than four decades after it first made moves to establish a common currency, the bloc has yet to achieve its goal.
Plans to introduce the eco, as the currency will be called, in 2003 were repeatedly delayed, mainly because members failed to meet the macroeconomic convergence criteria simultaneously and consistently.
ECOWAS leaders are now pursuing a phased approach, in which only countries that meet the convergence criteria will participate in the initial rollout planned for 2027. While this can help maintain momentum without compromising macroeconomic discipline, it fails to account for the fact that many of the forces driving economic instability in member states are beyond the control of national authorities.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.