Re: USA Africa Dialogue Series - ECO troubles

I share some of the apprehensions of the economists on the French moves on the Eco.  France had the advantage of knowing how a similar project worked in the European Union.

.I agree that making CFA zone adopt the Eco currency name without satisfying convergence criteria is a major coup on the currency and on ECOWAS.  It also implies intellectual property theft if ECOWAS has not given its nod for CFA zone to adopt the name.

Not securing convergence criteria first and pegging CFA adoption to the Euro is arbitrary and a continuation of the neo- colonial scheme of the CFA by stealth.  Nigeria did the right thing by not automatically endorsing the move but it must use its influence to restrain the CFA zone from further using the Eco name to further this neo- colonial ploy.

For me it is not a way to make the region accelerate adoption of the new currency but to make sure the original goals of the currency have been compromised and sabotaged.

As demonstrated in the.  European Exchange Rate mechanism, satisfying convergence rules compels participating economies to sit up and tidy their economies.  This is the soul of economic integration if it is not to be farce.  This was what forced into the open the real comparative strengths of the economies of Greece, Portugal and Spain relative to France and Germany.  If the rest of ECOWAS allows the CFA zone agenda to hold it means ECOWAS no longer has fiscal independence for the foreseeable future

OAA

Sent from my Samsung Galaxy smartphone.

-------- Original message --------

From: Toyin Falola <toyinfalola@austin.utexas.edu>

Date: 31/12/2019 12:54 (GMT+00:00)

To: dialogue <USAAfricaDialogue@googlegroups.com>

Subject: USA Africa Dialogue Series - ECO troubles

http://intervention.ng/18608




Sent from my iPhone

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