WAEMU and ECCAS to strengthen financial integration

Dec 09, 2011

The Central Bank of West African States (BCEAO) and the Central Bank of Central African States (BEAC) have decided to strengthen the financial integration within the Economic Community of Central African States (ECCAS) and the West African Economic and Monetary Union (WAEMU).

The Central Bank of West African States (BCEAO) and the Central Bank of Central African States (BEAC) have decided to strengthen the financial integration within the Economic Community of Central African States (Eccas) and the West African Economic and Monetary Union (WAEMU).

This decision was announced following a meeting in Abidjan between November 22nd and 24th, between Beac Governor Abaga Nchama and Bceao Governor Tiémoko Meyliet Koné, Le Soleil newspaper reports.

Mr Nchama and Mr Koné wish to better coordinate the financial integration process between the Beac and the BCEAO, especially regarding the merging of payment systems.

They also discussed the need for tighter financial markets and more cooperation between the banking commission of Waemu and the central African banking commission, adds the news source.

Regional financial integration offers many benefits to African economies. It can increase competition and innovation, reduce inefficiencies in lending given a wider pool of bankable projects and expand opportunities for risk diversification.

It can also help improve regulatory and supervisory bodies and insulate central banks from domestic excess.
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