Responding to Shocks and Maintaining Stability in the West African Economic and Monetary Union

Author: Ms. Christina Kolerus, Ms. Aleksandra Zdzienicka, Mr. Ermal Hitaj, and Mr. Douglas J Shapiro

Volume/Issue: Volume 2013 Issue 007

Publication date: October 2013

ISBN: 9781484341186

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Exports and Imports , Economics- Macroeconomics , Public Finance , DPPP , DP , WAEMU country , financial market , exchange rate , business cycle , current account , trade elasticity , WAEMU government securities market , excess reserves , exports to Mali , Monetary unions , Debt sustainability , Debt sustainability analysis , Business cycles , West Africa , Global

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Summary

The West African Economic and Monetary Union (WAEMU), like other monetary unions, faces a number of challenges in dealing with macroeconomic shocks. The region experiences a large number of exogenous shocks: climate-related (e.g., droughts, floods), with a heavy toll on populations and agriculture, but also economic (e.g., terms of trade), with a large impact on key sectors and the cost of living. More generally business cycle synchronization within the WAEMU seems low. Addressing these shocks, while preserving the stability of the union, is therefore a critical issue in the WAEMU.This paper discusses these issues and suggests possible reforms.