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In West Africa, approximately 16 million people depend directly or indirectly on cotton cultivation. But subsidies in the developed world have suppressed cotton prices and have made it difficult for West African producers to compete.  Compounding the problem, WTO negotiations on the problem have been suspended.  This publication contends that the dialogue between developed and developing countries on this topic must continue. It sets out the regional stakes linked to the economic and social importance of cotton in West Africa. It retraces the consultation process on the West African cotton crisis with the aim of finding a negotiated solution acceptable to all parties. Also discussed are the challenges and the measures that need to be taken over the medium and long term in order to prevent this sub-sector’s sudden collapse.

Africa, West -- Economic conditions -- 1960-. --- Africa, West -- Economic policy. --- Africa, West -- Social conditions -- 1960-. --- Cotton growing -- Africa, West. --- Cotton growing. --- Cotton textile industry -- Africa, West. --- Cotton textile industry. --- Cotton trade -- Africa, West. --- Cotton trade -- Government policy -- Africa, West. --- Cotton trade. --- Cotton trade --- Textile industry --- Business & Economics --- Industries --- Social aspects --- Economic aspects --- Textile industry and fabrics --- Textiles industry --- Manufacturing industries

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This study assesses the degree of financial integration in the West African Economic and Monetary Union (WAEMU). The structure of the financial sector and its institutional arrangements indicate that financial integration is well advanced in some aspects. Common and foreign ownership of banks is very high and cross-border transactions are frequent in the government securities markets. Common institutions help achieve a high degree of similarity of rules. There is nonetheless scope for further financial integration as indicated by persistent deviations from the law of one price, limited cross-border bank transactions, and differences in treatment. Policy measures could therefore help achieve greater financial convergence.

Africa, West -- Economic conditions. --- Electronic books. -- local. --- Monetary unions -- Africa, West. --- Finance --- Business & Economics --- Money --- Monetary unions --- Africa, West --- Economic conditions. --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Currency question --- Banks and Banking --- Finance: General --- Investments: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: General (includes Measurement and Data) --- Banking --- Investment & securities --- Financial integration --- Commercial banks --- Treasury bills and bonds --- Interbank markets --- Banks and banking --- International finance --- Government securities --- Côte d'Ivoire

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KEY ISSUES Context. The region continued to experience strong growth in 2014, led by the continued economic expansion in Cote d’Ivoire. The outlook is for further strong growth, subject to a range of downward risks, in particular political instability ahead of upcoming elections in several countries, and security issues in Mali and Niger. With an elevated fiscal deficit exerting pressure on the balance of payments and the regional financial market, delays in fiscal consolidation or structural reforms pose the main medium-term risks. Policy recommendations: • Fiscal consolidation. Safeguarding external stability in the region will require governments to adhere to their budget deficit reduction plans while maintaining public investment efforts, which will require increasing tax revenue and controlling current expenditure. • Monetary policy. Macroeconomic conditions do not warrant a tightening of monetary policy at this juncture. However, if fiscal deficits do not decline as envisaged, the BCEAO should consider increasing its policy rates. In the mean time, the BCEAO should very closely follow the evolution of the macro-prudential risks flowing from its sharp increase in commercial bank refinancing. • Financial stability. The WAEMU authorities should enforce existing prudential rules and raise standards to international best practice. Ongoing reforms go in the right direction but need to be accelerated. • Structural transformation and regional integration. Policies to promote structural transformation should focus on addressing weaknesses, such as the lack of education and training, finance, and supportive regulatory environments. Countries should refrain from using the possibility to deviate from the common external tariff of the Economic Community of West African States (ECOWAS) in force since January 1, 2015, in order to protect the gains from regional integration in WAEMU.

Africa, West -- Economic conditions. --- Africa, West -- Economic policy. --- Monetary policy -- Africa, West.. --- Finance --- Business & Economics --- Banking --- Banks and Banking --- Finance: General --- Macroeconomics --- Public Finance --- Money and Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Debt --- Debt Management --- Sovereign Debt --- Fiscal Policy --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Financial Institutions and Services: Government Policy and Regulation --- Financial Markets and the Macroeconomy --- Taxation, Subsidies, and Revenue: General --- Public finance & taxation --- Financial services law & regulation --- Economic growth --- Government debt management --- Commercial banks --- Capital adequacy requirements --- Fiscal consolidation --- Public financial management (PFM) --- Financial sector development --- Financial markets --- Public debt --- Financial institutions --- Revenue administration --- Banks and banking --- Debts, Public --- Fiscal policy --- Asset requirements --- Economic development --- Financial services industry --- Revenue --- Public-private sector cooperation --- Burkina Faso