Economic and Financial Review


Central Bank of Nigeria, Research Department.


ECOWAS, Monetary union


The purpose of this paper is to x-ray the challenges of monetary union with a focus on the risks and pitfalls and how to respond to them, paying particular attention to their relevance to the proposed second monetary union in West Africa. To accomplish this task, the rest of the paper has been divided into four sections. In section II define a monetary union and briefly review its main features/characteristics and the rationale for forming a monetary union. It also examine the benefi ts and costs of monetary union, as has been espoused in the vast literature on economic and monetary integration in the world economy in section Ill.





Recommended Citation

Mordi, C. N. O. (2002). The challenges of monetary union: risks and pitfalls and how to respond to them. Economic and Financial Review, 40(4), 67-83.



To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.