The West African Monetary Institute, WAMI says it is already taking steps to ensure that member countries do not suffer the same predicament as those in the Eurozone.
The Institute has been mandated to undertake preparatory activities towards the establishment of the West African Central Bank and the introduction of the ECO currency.It says current volatilities in the world market coupled with the Eurozone economic crises provide enough lessons for the West African sub-region’s bid towards economic and financial integration.
WAMI’s Acting Director General, J.H Kitcher tells JOYBUSINESS plans are far-advanced to guard against the occurrence of the Eurozone crisis in the sub-region. “ Fiscal discipline is important and that is one key lesson that we’ve learnt from the Greek crises that countries must learn to live within their mean” he noted.
“Also is surveillance of the economy and multilateral surveillance and that is where the Africa Capacity Building Fund grant comes in handy because it is going to improve the capacity of WAMI to enhance its surveillance of the member countries’ economy. If the Greek economy had been properly monitored, these vulnerabilities would have come up earlier and remedial actions taken” he concluded.