Central African Economic and Monetary Community (CEMAC): Selected Issues

Author: International Monetary Fund. African Dept.

CEMAC’s heads of states adopted a number of revisions, proposed by the CEMAC commission, to the regional convergence framework.

Volume/Issue: Volume 2017 Issue 393

Publication date: December 2017

ISBN: 9781484334294

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Topics covered in this book

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Banks and Banking , Investments and Securities-General , Economics- Macroeconomics , Public Finance , Taxation - General , ISCR , CR , bank , government , Broadening CEMAC , balance , revenue , CEMAC countries government , government expenditure path , sovereign-banks nexus , convergence framework , repayment plan , oil-producing country , sovereigns vis-à-vis bank , member-state government , banking activity , Fiscal stance , Oil , gas and mining taxes , Fiscal governance , Fiscal sustainability , Europe

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Summary

This paper discusses the CEMAC Regional convergence framework that aims at ensuring that national policies are consistent with a smooth functioning of CEMAC’s economic and monetary union. Established in 1999, a few years after the 1994 devaluation, as part of the Convergence and Stability Pact, it aims at addressing the coordination challenges posed by CEMAC’s common monetary policies and decentralized fiscal policies. CEMAC Regional convergence framework aims at ensuring that national policies are consistent with a smooth functioning of CEMAC’s economic and monetary union. Established in 1999, a few years after the 1994 devaluation, as part of the Convergence and Stability Pact, it aims at addressing the coordination challenges posed by CEMAC’s common monetary policies and decentralized fiscal policies. Owing in part to the weaknesses, the fiscal convergence framework has not been sufficient to prevent a sharp deterioration in public accounts over the last few years.