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West Africa Single Currency - A Journey To Nowhere? - Politics (3) - Nairaland

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ECOWAS Presidents To Meet On Single Currency Regime Dec. 21 / ECOWAS Adopts ECO As A Single Currency / Buhari, Others In Niger Republic For ECOWAS Single Currency Talks (Photos) (2) (3) (4)

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Re: West Africa Single Currency - A Journey To Nowhere? by Plus10(m): 10:17am On Dec 10, 2019
Gratefulll:
It will slow regional growth.
Bad move i must say
How please?
Re: West Africa Single Currency - A Journey To Nowhere? by tck2000(m): 11:45am On Dec 10, 2019
BeachTime:
I skimmed through the article because I have short attention span.

I think all regions in Africa should be countries (Northland,Westland,Eastland,Southland,Midland,Madagascar) .All ethnic nations(Yoruba,Fang,Ashanti,Akwacross,Igbo,Khran,Hausa,etc) within each country should be states or city-states,depending on the size of land, and they should have autonomy and control of their resources ,economy and development. That's not too different from the current colonial mergers anyway , only this time it will be done on Africa's terms,not forcefully merged by colonial powers.
With a true federalism,each state or city-state would develop at it's pace . I believe the ideal system of Government for Africans is Social democracy . Educational system should be practical .
When I look at the current state of Africa ,all I see are a lost people wandering like beast in a never ending wilderness. The current system will never work .
Presidency fight loading
Re: West Africa Single Currency - A Journey To Nowhere? by Blue3k2: 5:05pm On Dec 10, 2019
urahara:


Why does inflation rate matter for regional currencies ?

Im not sure. Im guessing its because the dont want unstable nations to join the monetary union. Ounce they merge they will have bound by same policy.
Re: West Africa Single Currency - A Journey To Nowhere? by urahara(m): 5:07pm On Dec 10, 2019
KushLyon:
I no even like the currency name angry Eco....nigerians go turn am to eko

John: i wan buy sugar
Seller: how much own?
John: 50 eko own...... Chai! lipsrsealed


Eko sounds lame eco as in eco-friendly sounds fresher.
Re: West Africa Single Currency - A Journey To Nowhere? by Thyristor: 5:14pm On Dec 10, 2019
Re: West Africa Single Currency - A Journey To Nowhere? by Nobody: 5:30pm On Dec 10, 2019
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Re: West Africa Single Currency - A Journey To Nowhere? by urahara(m): 7:21pm On Dec 10, 2019
Blue3k2:




France isn't the issue. They've done a great managing the currency compared to the other countries in the region. The francophone nations are already demanding their reserves back from France. France could abandon it the currency without a consequences to their economy.


Why do some people say the cfa franc is France way if colonising Francophone countries ?
Re: West Africa Single Currency - A Journey To Nowhere? by harveygordon: 7:41pm On Dec 10, 2019
BeachTime:
I skimmed through the article because I have short attention span.

I think all regions in Africa should be countries (Northland,Westland,Eastland,Southland,Midland,Madagascar) .All ethnic nations(Yoruba,Fang,Ashanti,Akwacross,Igbo,Khran,Hausa,etc) within each country should be states or city-states,depending on the size of land, and they should have autonomy and control of their resources ,economy and development. That's not too different from the current colonial mergers anyway , only this time it will be done on Africa's terms,not forcefully merged by colonial powers.
With a true federalism,each state or city-state would develop at it's pace . I believe the ideal system of Government for Africans is Social democracy . Educational system should be practical .
When I look at the current state of Africa ,all I see are a lost people wandering like beast in a never ending wilderness. The current system will never work .

This cannot work. Nigeria alone has over 300 tribes and still struggling. We're different people and can never reason alike
Re: West Africa Single Currency - A Journey To Nowhere? by gypsey(m): 7:49pm On Dec 10, 2019
America will not let that happen, This is why Gaddafi was murdered...


African nations Are not united Anyway. The only thing African leaders have in common and very best At is Corruption.
Re: West Africa Single Currency - A Journey To Nowhere? by Nobody: 8:35pm On Dec 10, 2019
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Re: West Africa Single Currency - A Journey To Nowhere? by omohayek: 8:40pm On Dec 10, 2019
urahara:


Why does inflation rate matter for regional currencies ?

Cc Omohayek
For one thing, the inflation rate determines the appropriate monetary policy, and what might seem appropriate “on average” might be either far too tough for some regions or too loose for others: to illustrate, Eurozone monetary policy is heavily weighted towards Germany, but this has forced countries like Italy, Portugal and Greece to make harsh spending cuts where they could formerly deficit-spend, because allowing them to run huge deficits would require interest rates far above what would suit the German economy.

There is in fact a whole field of study devoted to what are called “Optimal Currency Areas” which are geographical regions for which using a single currency would maximize economic efficiency. According to this theory, there are at least 2 main criteria which all participants must meet, namely

1. Free movement of labor, goods and capital throughout the region. The EU has all of this on paper, but in practice language and credential barriers reduce its practical significance somewhat. Ecowas has never been further from this than ever, seeing as the borders of its largest member have recently been arbitrarily closed under Buhari, with no set date in sight for their reopening.

2. A means of risk-sharing through measures like automatic fiscal transfers between members. In the United States this happens through means like Federal grants, military spending, unemployment assistance, Medicare/Medicaid, etc. The lack of such a mechanism is one of the reasons why the Euro is regarded as suboptimal: Dutch and German taxpayers can't bear the thought of subsidizing "lazy" countries like Spain, Italy and Greece. It's hard to imagine Nigeria being even more open-minded to Togo, Niger, Mali, etc.

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Re: West Africa Single Currency - A Journey To Nowhere? by urahara(m): 5:20am On Dec 11, 2019
omohayek:

For one thing, the inflation rate determines the appropriate monetary policy, and what might seem appropriate “on average” might be either far too tough for some regions or too loose for others: to illustrate, Eurozone monetary policy is heavily weighted towards Germany, but this has forced countries like Italy, Portugal and Greece to make harsh spending cuts where they could formerly deficit-spend, because allowing them to run huge deficits would require interest rates far above what would suit the German economy.

There is in fact a whole field of study devoted to what are called “Optimal Currency Areas” which are geographical regions for which using a single currency would maximize economic efficiency. According to this theory, there are at least 2 main criteria which all participants must meet, namely

1. Free movement of labor, goods and capital throughout the region. The EU has all of this on paper, but in practice language and credential barriers reduce its practical significance somewhat. Ecowas has never been further from this than ever, seeing as the borders of its largest member have recently been arbitrarily closed under Buhari, with no set date in sight for their reopening.

2. A means of risk-sharing through measures like automatic fiscal transfers between members. In the United States this happens through means like Federal grants, military spending, unemployment assistance, Medicare/Medicaid, etc. The lack of such a mechanism is one of the reasons why the Euro is regarded as suboptimal: Dutch and German taxpayers can't bear the thought of subsidizing "lazy" countries like Spain, Italy and Greece. It's hard to imagine Nigeria being even more open-minded to Togo, Niger, Mali, etc.

Thank you very much.
Re: West Africa Single Currency - A Journey To Nowhere? by urahara(m): 10:27am On Dec 11, 2019
Thanks
Re: West Africa Single Currency - A Journey To Nowhere? by NaijirianKing: 4:29pm On Dec 11, 2019
Re: West Africa Single Currency - A Journey To Nowhere? by NaijirianKing: 4:31pm On Dec 11, 2019
helinues:
It is going to be a big burden to Nigeria and her economy. Moreover, we are not ready for it.

They should hold the plans for now.

May be its time for Nigeria to leave Ecowas #Nigexit


https://www.youtube.com/watch?v=okjzWeykZ98

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