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This chapter evaluates whether a monetary union makes economic sense and discusses the institutional requirements for a successful Monetary Union in West Africa (ECOWAS). The chapter considers how best the political momentum for a union can be channeled toward a fundamental improvement in underlying policies. The paper also reviews the economic situation of the ECOWAS members, with the objective of evaluating the ease with which they can proceed to a common currency. Regional integration resulting in greater trade among ECOWAS countries may help increase efficiency of production. Trade among developing countries, in general, is likely to have fewer efficiency benefits than trade with developed countries, however, because the possibilities of exploiting complementarities are less. The foregoing considerations suggest that the momentum in favor of monetary union should be channelled into the crucial first phase of enhanced mutual surveillance and emphasis on each country improving its macroeconomic and structural policies. Success in this endeavor would in and of itself help to increase exchange rate stability.

International finance --- International Monetary Fund --- West Africa --- Monetary unions --- Economic Community of West African States --- Africa, West --- Economic integration --- Afrika --- monetair beleid --- 339.92 <6> --- -afrique --- pays en voie de developpement --- union monetaire --- 333.431 --- AFR / Africa - Afrika - Afrique --- 330.05 --- 332.4966 --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Currency question --- Money --- Economische samenwerking en integratie. Tolunie--Afrika --- afrika --- ontwikkelingslanden --- monetaire unie --- Monetaire Unies. --- C.E.D.E.A.O. --- CEDEAO --- Communauté économique des Etats de l'Afrique de l'Ouest --- Comunidade Económica dos Estados da África do Oeste --- Comunidade Económica dos Estados da África Ocidental --- E.C.O.W.A.S. --- ECOWAS --- Africa, Western --- Western Africa --- Economic integration. --- Working papers --- Economic Community of West African States. --- 339.92 <6> Economische samenwerking en integratie. Tolunie--Afrika --- afrique --- Monetaire Unies --- Monetary unions - Africa, West --- Africa, West - Economic integration --- Banks and Banking --- Exports and Imports --- Foreign Exchange --- Money and Monetary Policy --- Industries: Manufacturing --- Agribusiness --- Financial Aspects of Economic Integration --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Empirical Studies of Trade --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Industry Studies: Manufacturing: General --- International economics --- Currency --- Foreign exchange --- Monetary economics --- Banking --- Manufacturing industries --- Agricultural economics --- Currencies --- Exchange rates --- Terms of trade --- Real effective exchange rates --- International trade --- Economic policy --- nternational cooperation --- Banks and banking --- Nigeria --- Nternational cooperation

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This paper examines the effects of three "shocks" - the disintegration of the U.S.S.R., domestic economic reform, and changing relations with other countries- on Russia's balance of payments position. The importance of consistent economic reform and a liberal trade regime is stressed, together with the role of financial assistance.

Economic policy and planning (general) --- Economic relations. Trade --- Russian Federation --- Soviet Union --- Former Soviet republics --- Russia (Federation) --- Foreign economic relations --- Economic policy --- 338.24 <47> --- 339 <47> --- 338 (47) --- 338 --- 339.5 --- (470+571) --- $?$95/03 --- politique economique --- relations economiques internationales --- russie --- RU / Russia - Rusland - Russie --- 382.242.0 --- 339.113 --- 331.30 --- 382.50 --- 331.33 --- 331.32 --- 330.05 --- 337.47 --- Instrumenten van de economische politiek. Economische orde. Economisch politieke maatregelen. Stabilisering. Stimuleringsmaatregelen. Regulering. Financiele steunmaatregelen--Rusland. Sovjet-Unie --- Handel. Internationale economische betrekkingen. Wereldeconomie --binnenlandse als buitenlandse handel; zie ook {339.3} en {339.5}--Rusland. Sovjet-Unie --- Economische situatie. Economische structuur van bepaalde landen en gebieden. Economische geografie. Economische produktie.economische produkten. Economische diensten--Rusland. Sovjet-Unie --- economisch beleid --- internationale economische betrekkingen --- rusland --- Balans van het kapitaalverkeer: algemeenheden. --- Buitenlandse investeringen. --- Economische toestand. --- Internationale handelsbetrekkingen: algemeenheden. --- Structureel beleid. Reglementering. Dereglementering. Ordnungspolitik. --- Structuur van de economie. --- -Former Soviet republics --- -Russia (Federation) --- -Soviet Union --- -CIS countries --- Commonwealth of Independent States countries --- Ex-Soviet republics --- Ex-Soviet states --- Former Soviet states --- New Independent States (Former Soviet republics) --- Newly Independent States (Former Soviet republics) --- NIS (Former Soviet republics) --- -Economic policy --- -Foreign economic relations --- Working papers --- Foreign economic relations. --- Economic policy. --- 338 (47) Economische situatie. Economische structuur van bepaalde landen en gebieden. Economische geografie. Economische produktie.economische produkten. Economische diensten--Rusland. Sovjet-Unie --- 339 <47> Handel. Internationale economische betrekkingen. Wereldeconomie --binnenlandse als buitenlandse handel; zie ook {339.3} en {339.5}--Rusland. Sovjet-Unie --- 338.24 <47> Instrumenten van de economische politiek. Economische orde. Economisch politieke maatregelen. Stabilisering. Stimuleringsmaatregelen. Regulering. Financiele steunmaatregelen--Rusland. Sovjet-Unie --- Russia --- Economische toestand --- Structuur van de economie --- Structureel beleid. Reglementering. Dereglementering. Ordnungspolitik --- Buitenlandse investeringen --- Balans van het kapitaalverkeer: algemeenheden --- Internationale handelsbetrekkingen: algemeenheden --- CIS countries --- Soviet Union - Foreign economic relations --- Former Soviet republics - Foreign economic relations --- Russia (Federation) - Foreign economic relations --- Soviet Union - Economic policy - 1986-1991 --- Former Soviet republics - Economic policy --- Russia (Federation) - Economic policy - 1991 --- Investments: Commodities --- Investments: Energy --- Exports and Imports --- Foreign Exchange --- Money and Monetary Policy --- Trade: General --- International Lending and Debt Problems --- Trade Policy --- International Trade Organizations --- Empirical Studies of Trade --- International Investment --- Long-term Capital Movements --- International economics --- Currency --- Foreign exchange --- Investment & securities --- Monetary economics --- Public finance & taxation --- Finance --- Exports --- Imports --- External debt --- Terms of trade --- International trade --- Trade barriers --- Debts, External --- nternational cooperation --- Commercial policy --- Nternational cooperation