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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Institutional Change in the West African Economic and Monetary Union (WAEMU) since 1994: A Fresh Start after the Devaluation Shock?
Author:Grimm, SvenISNI
Periodical:Afrika Spectrum
Geographic term:West Africa
Subjects:Union Economique et Monétaire Ouest-Africaine
Politics and Government
Inter-African Relations
Economics and Trade
Abstract:In January 1994, a day before the devaluation of the CFA franc was announced in Dakar, a new regional organization was created: the West African Economic and Monetary Union (WAEMU) or Union économique et monétaire ouest-africaine (UEMOA). It succeeded the West African Monetary Union (WAMU) and the West African Economic Community (WAEC). WAEMU avoided some of the institutional errors and deficiencies of its predecessors, attempting to save the monetary union after the devaluation shock. The WAEMU treaty promotes the delegation of decisions to supranational authorities, which constitutes a novelty in West Africa. This article analyses the goals and institutional settings of WAEMU, as well as the way in which it hopes to establish a common market. It shows that the realization of WAEMU's decisions meets with difficulties arising from financial restrictions and from long-standing political practices within the member States. The paper is based largely on interviews conducted with WAEMU officials in August 1998. Bibliogr., notes, sum. in English, French and German.