Abstract
Since its creation in 1963, the African Union has sought to foster regional economic integration through monetary unions. But of six major attempts at currency union, only the CFA Zone — using both West African and Central African CFA francs — has been successful (Carrere, 2004; Masson and Pattillo, 2004; Tsangarides et al., 2006, 2008; Tapsoba, 2009a, 2009b). Many have argued that African institutions are not sufficiently developed to deal with the heterogeneous shocks to which African monetary unions have often been subject (Eichengreen, 1992; Krugman, 1993; Fielding and Shields, 2001, 2005a, 2005b; Benigno, 2004; Debrun et al., 2003, 2005; Tsangarides and Qureshi, 2006; Kabundi and Loots, 2007; Karras, 2007; Corsetti et al., 2008; Masson, 2008).
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