By United Nations
This record examines the effectiveness of Africa's nearby monetary groups in pushing ahead the local integration schedule in the direction of the ambitions of the Abuja Treaty setting up the African financial group. a completely functioning African financial neighborhood will eliminate all limitations to circulation of individuals, items and companies around the continent, thereby making a unmarried financial house. The file examines the severe function that associations generally can play in attaining coverage targets, and the explicit position that African associations practice. The research specializes in the local fiscal groups, that have been specified via the African Union because the construction blocks for reaching the African financial neighborhood.
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Additional resources for Assessing Regional Integration in Africa: Rationalizing Regional Economic Communities
Economic partnership agreementswill be based on reciprocity,which will create new challenges for African countries and the regional economic communities they belong to (or elect to belong to, for purposes of negotiating the economic partnership agreement). For many African countries successfully exploiting the gains from the European Union7sproposed economic partnership agreements thus depends on the regional economic community they choose to belong to. This could strengthen some regional economic communities while weakening others.
SADC has also undertaken some conflict resolution and peace-building initiatives. In some cases regional economic communities have been able to coordinatesmall steps that contribute symbolically to peace and security. The African U&on is also stepping up efforts in this area,having recently dispatched a peacekeeping contingent to Burundi and Darfur, Sudan, and planning similar action in Somalia. Conflicts in any member of a regional economic community undermine economic integration and growth throughout the entire community In the final analysis, however, long-term peace and security can be secured only through economic growth that benefits all countries in a region, reduces poverty, and improves life chances for all.
Globalization is increasingly marginalizing the continent Globalization is not a new phenomenon (Diamond 1997),but it is now characterized by an accelerated pace of interdependence and connectivity and aided by innovations in communication technology. Consider cross-border movements of goods, services, and finance. 5 trillion worth of currency transactions occur every day, an amount equal to more than twice the “total foreign exchange reserves of all governments. They make it difficult for African countries to rely on internal mechanisms of economic management and to follow the same strategies that Europe, the United States, and the Asian newly industrialized economies used to grow.